Staying Competitive With Accurate, Timely Financials

According to the National Center for Charitable Statistics, there are 1,569,572 registered tax-exempt organizations in the United States. In 2008, charitable contributions by individuals, foundations and corporations reached $284.99 billion. The rising competition for donated funds has forced charities to increase the level of professionalism they demonstrate to foundations. Perhaps no single operational practice is more impressive to a donor than to have timely, accurate financial statements.

Why do financial statements matter so much? Donors look at your programs, but more importantly they look at your organization as a whole. They are well aware that each element of a nonprofit organization – program, operations and fundraising – is dependent upon financial feasibility. This month we discuss how to obtain financial feasibility, what the numbers on your financial statements mean, and the significance of solid, timely, accurate financial statements.

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Click here to watch this topic's free Nonprofit Webinar, featuring nonprofit expert Peter Giersch and financial expert Philip Clements, as they discuss the value of timely, accurate financial statements for nonprofit organizations.