Simple Financial Tools for Non-profits

Transcription

1 CORE (Centre for Organizational Resilience) For Youth Initiative Building the capacity of youth-led organizations Creating a sustainable and responsive youth-led sector Simple Financial Tools #fyi #youthled #capacitybuilding #communityimpact #unlockthefullpotential

2 Agenda Welcome & Introduction (20 min) Introduction of Guest Facilitator (5 min) Financial Management 101 Presentation (45 min) Financial Management 101 Practice (45 min) Discussion & Check-out (20 min)

3 Learning Objectives Become familiar with basic bookkeeping Practice using simple financial management templates Learn about financial reporting

4 Ice-Breaker

5 Welcome Patrick! Patrick has been working in finance for over 20 years with a focus in nonprofit finance for the past 10 years. As the former Financial Lead at For Youth Initiative for over 6 years, Patrick has developed extensive knowledge and understanding of the challenges facing grassroots youthled initiatives. His main focus in the non-profit sector has been setting up financial systems and maintaining financial records. His experience at For Youth Initiative, Urban Arts, CanTYD, Harriet Tubman Community Organization and other non-profits has allowed him to effectively assist young people in developing skills in bookkeeping, financial management as well as, budget tracking and financial reporting. Patrick will share his experience and expertise in finance, as well as how to track, manage and understand your funds better through explaining simple financial tools for grassroots initiatives.

6 WHAT DOES IT MEAN TO BE A NON-PROFIT? Planned expenditures and every attempt lower costs. Less money spent on single items leaves more funds to spend overall. What happens to funds not spent on the project? Put into next project with funder approval.

7 Give it back to the funder if requested to do so. You CAN make money outside of grant funds. Fundraisers and private donations are the main source.

8 WHAT IS FINANCIAL MANAGEMENT? EFFECTIVE Financial Management is a process that happens in stages! Stage 1 Planning. Stage 2 Implementation. Stage 3 Monitoring and Controlling.

9 STAGE 1 - PLANNING BUDGETTING operations, programs, projects. REVENUE grants, fundraising, donations, user fees.

10 STAGE 2 - IMPLEMENTATION GRANT WRITING finding the right grant opportunity that best suits the needs of the program/project you want to undertake. RESEARCH ensuring to get the proper information and facts to support the program/project you are applying for.

11 STAGE 3 MONITORING AND CONTROLLING INVOICES. SURPLUS. CASH FLOW. SEPERATING FUNDS BY FUNDER AND PROGRAM. MANAGING PETTY CASH EFFECTIVELY. RECONCILING RECEIPTS.

12 THE FINE ART OF GUESS- TIMATING When you are writing a grant the funder wants you to advise them on how much funding you need and for what reason. It is almost impossible to know in advance the exact amount of funds that you will need but it is possible to guesstimate and request an amount that will cover your expenses so you can deliver on the program/project you have put forth.

13 BUDGETS VS. REPORTS BUDGET an estimate of what you expect to spend on a program/project. 1. Based on estimates, often itemized, of expected income and expenses for a given period of time. 2. A plan of operations based on such estimates. 3. An itemized allotment of funds, time, etc., for a predetermined period of time. 4. The total sum of money necessary to complete a purpose.

14 BUDGETS VS. REPORTS REPORT based on actual expenses incurred in each of the various budget categories. An account or statement describing in detail an event, situation, or the like, usually as the result of observation, inquiry, etc. IMPORTANT NOTE THIS CAN AND WILL DIFFER FROM THE ORIGINAL BUDGETTED ESTIMATES.

15 What s Next? 1:1 Mentoring Sessions Connecting with CORE Team: Rebecca Biglow, CORE Lead (416) ext. 239 or rebecca@foryouth.ca Isaac Darko, CORE Lead (416) ext. 234 or isaac@foryouth.ca

16 CHECK-OUT One thing I discovered today that can help make a difference in my initiative is

17 Thank You!