Best Practices for Managing Your Organization`s Finances

TITLE: Best Practices for Managing Your Organization`s Finances
CITY: Washington , DC
DATE: Tuesday, February 09, 2010
TIME: 8:30 AM - 12:00 PM
PRICE: $ 110.00

To run a nonprofit successfully, you need to raise enough money to accomplish its mission. However, just as important is your ability to steward the money raised so that you can account for every dollar raised. An organization is accountable to its board, staff and the general public to know how much revenue it is receiving and how that money is being spent. It also needs to ensure that grants and all other income are spent in the manner intended.

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In this session, we will cover best practices for the following:
- Creating and following an annual budget
- A system for tracking revenues by fund categories and by restricted versus unrestricted funds
-The importance of planning ahead for difficult financial times
- Appropriate internal controls to prevent improper uses of funding and to ensure that costs are controlled
- What to expect from an audit or financial review
- How to develop a reserve fund and financial policies, including an investment policy

You will walk away with best practices to safeguard your organization`s assets and account for its financial resources.

This session is intended for Board Members, Executives, Senior Staff and anyone who works with the organization`s Finances.
Speakers for this session:

Nancy Hall
President
501(c)Solutions

Nancy has been involved in finance/administration for 25 years. In her current position, she is responsible for teaching graduate level nonprofit management and finance classes at Johns Hopkins, UMBC. She currently is President of 501(c)Solutions that provide financial oversight services to a dozen organizations. She consults on mergers and is currently involved in three. Previously, as Finance Director at Maryland Association of Nonprofit Organizations, Nancy was responsible for all financial operations of the association as well as providing technical assistance to hundreds of organizations. Nancy currently serves as Board Member for Greenbank Community Association CityLit. She earned MBA in Marketing from Harvard Business School and a BA in Political Science from New College Sarasota. She is a member of The Alliance for Nonprofit Management ARNOVA.

Joseph Janela
Chief Operating Officer
Nat`l Association of School Psychologists

Joseph has been involved in finance for 25 years. In his current position, he is responsible for all financial activities for the National Association of School Psychologists. This includes the annual budget, monthly financial reporting to staff and the Board of Directors, internal controls, coordination of the year-end audit, investment portfolio, 401K plan, review of contracts, quarterly budget presentations to the Board and Delegate Assembly, insurance, office lease, performance budgeting, and financial analysis for pricing products and services. Previously, as CFO at The Endocrine Society, Joseph was responsible for similar activities. Before that, he was a partner at Stoy, Malone & Co. CPA's where he was responsible for conducting audits and preparing tax returns for clients in various industries, including not-for-profit, real estate, printing, retail, and service organizations. He earned BA in Accounting from Catholic University of America and is currently a member of Maryland Association of CPA's.

Salimah Salaam Muhammad
Finance/Human Resource Director
The Praxis Project

Salimah has over 25 years of experience in financial management. In her current position, her responsibilities include budget development, fiscal policy development, financial reporting of quarterly and annual financial statements, audits, fiscal agent to grassroots organizations, development investments, and assets management planning. In her previous position as a Real Estate Settlement Officer, she coordinated, audited, and approved the finalization of documentation for financing business commercial properties. She established bank and investment accounts, managed office procurement, and did accounting recordation for employee leave. She is on the Board of Directors for the PinPoint Theatre Association, and the Greater Baden-Aquasco Citizen's Association. She holds a Masters in Business Finance from the University of the District of Columbia, and a B.A. in Business Finance & Banking from Howard University.

Amy Shopkorn
Managing Director
The National Society of Collegiate Scholars

Amy is currently responsible for managing her organization's annual budget, including reporting on monthly budget-to-actual, projecting year-end net income and collaborating with the Board Finance Committee to set fiscal policy. She also supervises both the finance/operations area and all department heads, co-managing the organization Executive Team alongside the Executive Director. Finally, Amy creates and maintains key vendor relationships, including an external audit firm and bank lender. In addition to direct job responsibilities, Amy currently serves on the ASAE Finance and Business Operations Section Council and the Bridgestar Chief Operating Officer Network Steering Committee. She earned B.A. in Government and Environmental Studies from Bowdoin College and a M.A. in Higher Education Administration from The George Washington University.

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