Let’s face it; nonprofit financial data has a reputation for being boring and can fill even the most devoted professionals with dread.
To change this perception, nonprofit organizations should create and convey a compelling financial story. The financial story should explain what the organization does with the money. What are the performance goals? What are the program goals? How does money support organizational goals? Once a nonprofit’s story is conveyed, stakeholders can then understand the impact of the organization.
Communicating your nonprofit’s story to the Board
While Board members typically bring a variety of talents and expertise to a nonprofit organization, they do not always have extensive experience with financial and accounting matters. Below are tips to help you communicate your financial story to the Board. The shared information should quickly assess if your nonprofit organization is on track, or if it needs to take corrective action. [Read more…]