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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.

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

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

A 5 Step Guide to Budget Development: Wallace Foundation
http://www.wallacefoundation.org/knowledge-center/Resources-for-Financial-Management/Documents/A-Five-Step-Guide-to-Budget-Development.pdf PDF

 

Non-Profit Answer Guide: How should a non-profit prepare its budget?
http://nonprofitanswerguide.org/finance-2/External

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

10 Step Annual Budgeting Checklist: Nonprofits Assistance Fund
http://cgs.niu.edu/DowntownDevelopment/Toolbox/October/Annual_Budgeting_Checklist.pdf
PDF

 

Creating a Budget that Works for you: Non-profit World
https://www.snpo.org/samples/V150446.pdf PDF

Where can I find examples of non-profits budgets?: Grant Space
http://grantspace.org/tools/knowledge-base/Nonprofit-Management/Establishment/budget-examples External

Budgets: Know How Non Profit
https://knowhownonprofit.org/organisation/operations/financial-management/budgetsExternal

Planning & Writing an Annual Budget: Community Tool Box
http://ctb.ku.edu/en/table-of-contents/finances/managing-finances/annual-budget/main External