Running an NFP is just like running any other successful & sustainable business. It's imperative that the organisation has a well-developed strategy & a comprehensive budget, for each of its programs, as well as the overall organisation as a whole.
The number one complaint of organisations is "there's no room in our budget for that". But how do you make sure that your budget has everything covered?
Whether your organisation is just starting, still fairly small & looking to grow, or has been operational for a while, ensuring that the budgeting process includes everything that you will need to pay for, is just the beginning.
Before you even apply for funding, you also need to ensure that you have implemented all the appropriate financial management systems, internal management controls and risk mitigation processes.
Once you apply and receive the funds, it's important to ensure that all of the ongoing reporting and acquittal processes are in place as well. Then what happens if the amount you asked for wasn't right - either you didn't ask for enough, or you overestimated the costs?
All of these things are covered off in the WhitePaper below that I prepared specifically to assist boards and financial controllers of NFP's to understand their obligations, ensure compliance and implement the relevant internal controls related to managing the finances of any size NFP organisation.
It's not easy & if not done correctly, the organisation can end up either having to hand money back or, even worse, not have the correct funding to achieve the goals and intent of the organisation itself.
Funding NFP Whitepaper.
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