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Community Recreation Non-Profit Resource Directory

Financial Management

Financial management is as important in a non-profit/voluntary sector setting as in a business.  You may have accountability to the membership then additionally to funding partners, granting bodies, government agencies, etc.

Accurate record keeping is the key to making this function in your agency work.  It is highly recommended to use an accounting program such as Quick Books or Sage50 (Simply) Accounting.  These programs will allow quick and accurate reports at meetings, in application situations, and in other situations when required.

A sound risk management practice is to have a financial policy that outlines reporting requirements and timelines, and who that responsibility is assigned to, as per the Bylaws.

One of the first steps in managing your organization’s funds is creating a budget to guide not only your spending but also sponsorship, fees and other sources of income.

Charity Village
https://charityvillage.com/topics/management/finance.aspx External

Imagine Canada
http://sectorsource.ca/node/18/view
External

Wallace Foundation
http://www.wallacefoundation.org/knowledge-center/Resources-for-Financial-Management/Documents/A-Five-Step-Guide-to-Budget-Development.pdf PDF

Non-profits Assistance Fund
https://nonprofitsassistancefund.org/resources/item/10-step-budgeting-checklist External

Non-profit Answer Guide
http://nonprofitanswerguide.org/faq/finance/how-should-a-nonprofit-prepare-its-budget/ External

Non-profit Accounting Basics
http://www.nonprofitaccountingbasics.org/reporting-operations/budgeting-process

Virginia Society of Certified Public Accountants
http://cgs.niu.edu/illinois_main_street/toolbox/October/Budgeting_Guide_SNP.pdf PDF

Non-profit World
https://www.snpo.org/samples/V150446.pdf PDF

Grant Space
http://grantspace.org/tools/knowledge-base/Nonprofit-Management/Establishment/budget-examples External

KnowHow Non-profit
http://knowhownonprofit.org/organisation/operations/financial-management/budgets External

Community Tool Box
http://ctb.ku.edu/en/table-of-contents/finances/managing-finances/annual-budget/main External