{"id":40273,"date":"2024-12-16T12:37:52","date_gmt":"2024-12-16T17:37:52","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=40273"},"modified":"2024-12-16T12:37:52","modified_gmt":"2024-12-16T17:37:52","slug":"business-report-managing-nonprofit-financials-well","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2024\/12\/business-report-managing-nonprofit-financials-well\/","title":{"rendered":"Business Report: Managing Nonprofit Financials Well"},"content":{"rendered":"
\"\"
Sabrina Houser is the owner of Capital CFO+ in Saratoga Springs.
Courtesy Capital CFO+<\/figcaption><\/figure>\n

By Sabrina Houser<\/p>\n

When I first started in the role of CEO and CFO at the nonprofit I was privileged to run, I quickly realized how important the financials were to the organization. I realized that although we were talking about profit and loss, revenue\/expenses, black\/red net balances, what we were really talking about was our mission.<\/p>\n

The kids we served. How many more or fewer we could help. How each dollar directly correlated to our programs. The more money we were able to raise, the more we could do. The less we raise, the more we needed to cut back.<\/p>\n

Because of this direct correlation between dollars and program scope and impact, the\u00a0 <\/span>CFO of a nonprofit plays a key role in advancing the mission of the organization. It is never just about the numbers \u2013 it is about the mission. It is also always about the numbers, because without solid financial information it is impossible to make strategic, informed decisions regarding service delivery, program sustainability and the future direction of the organization.<\/p>\n

For these reasons, the role of CFO is critical.<\/p>\n

This realization changed my mindset. I understood that I needed to make the connection between finances and mission real for my donors, my funders, my board, my team. I needed them to feel that the mission was alive in the black and white numbers.\u00a0<\/span><\/p>\n

As CFO, I could connect the dots for my board, my staff, funders and community partners. Explaining our financial position and how it directly impacted our programming and our capacity to grow, or our need to adjust the scope or reach of our programs. I learned to love end-of-year projections, cash flow projections, the symmetry of a balance sheet. All these tools allowed me to communicate to the board and finance committee the connection between our financial picture and our impact.\u00a0 <\/span>And they, in turn, could confidently make decisions based on solid financial information.\u00a0<\/span><\/p>\n

<\/span><\/span><\/b><\/span><\/span>Although I was running a nonprofit that directly impacted the kids in my community, and therefore, my community, what I was really doing\u00a0 <\/span>was running a business.<\/p>\n

And that\u2019s when I saw the power, the impact, of being a strong CFO and how I could make a difference if I made the numbers make sense.\u00a0<\/span><\/p>\n

As I continued on in my tenure, I of course wore many hats. I had to raise funds, write grants, mange staff, help with program development, work with and for the Board, raise awareness, excel at events, and so on. But one of the most critical roles that I held, was the agency\u2019s CFO.<\/p>\n

There comes a peace and calm with knowing where your organization stands, financially. You know how to plan for rough spots, you can help to predict the future, you can plan vs always reacting. The greatest gift is giving your Board and staff the peace of mind they need to ride out storms, and watching your mission come to life.\u00a0<\/span><\/p>\n

The nuts and bolts of what that looks like for a CFO\u00a0 <\/span>include things like:<\/p>\n

\u2022 managing cash flow;<\/p>\n

\u2022 creating and managing reserves;\u00a0<\/span><\/p>\n

\u2022 interpreting and reporting financial information\u00a0 <\/span>to the board, stakeholders and partners;<\/p>\n

\u2022 developing a realistic and sustainable budget;<\/p>\n

\u2022 ensuring that the organization meets legal and ethical obligations;.\u00a0<\/span><\/p>\n

\u2022 developing financial policies and procedures;\u00a0<\/span><\/p>\n

\u2022 risk management;<\/p>\n

\u2022 helping to build fund development plans;<\/p>\n

\u2022 managing grant allocation and reporting;\u00a0<\/span><\/p>\n

When I started Capital CFO+, I wanted other business owners and nonprofit leaders to know that the value of their financials goes deeper than a net number. It is your mission, it is your direction, and it is your agency\u2019s life. \u00a0<\/span><\/p>\n

The role of the CFO goes farther than the math. It is a critical role to the life blood of the agency.\u00a0 <\/span>A strong CFO can be the key to a nonprofit\u2019s success, ensuring that it remains financially healthy and able to fulfill its mission for years to come.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Sabrina Houser When I first started in the role of CEO and CFO at the nonprofit I was privileged to run, I quickly realized how important the financials were to the organization. I realized that although we were talking about profit and loss, revenue\/expenses, black\/red net balances, what we were really talking about was […]<\/p>\n","protected":false},"author":89,"featured_media":37148,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,35],"tags":[],"class_list":["post-40273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-reports","category-non-profit"],"yoast_head":"\r\nBusiness Report: Managing Nonprofit Financials Well - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2024\/12\/business-report-managing-nonprofit-financials-well\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Managing Nonprofit Financials Well - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Sabrina Houser When I first started in the role of CEO and CFO at the nonprofit I was privileged to run, I quickly realized how important the financials were to the organization. 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