By Denise Turner, Vice President Finance/Operations
Every association leader should periodically consider their organization’s reserves.
Association financial policies are very similar to your own personal financial policies. Tracking expenditures and income; carefully monitoring the flow in both directions and, hopefully, putting aside funds for a rainy day is important. But, unlike your personal finances (unless you are fortunate enough to employ a team of accountants), AMG’s client-associations benefit from our experienced finance department to stay on top of their revenue and expenditure items. » Read More
By Denise Turner, AMG VP of Finance and Operations
In today’s complicated global economy, successful businesses require a lot of strategic planning and number-crunching. Companies make use of planning, budgeting and forecasting to map out the present and envision the future. All three of these functions also have an important place in managing a nonprofit and guiding the operations. Each has a distinct role.
Planning is the first step and virtually all of AMG managed nonprofits begin with a strategic plan which guides the organization in how the board wishes to accomplish the designated mission and purpose. » Read More
By Denise Clark, VP Finance, Association Management Group
Knowing how to read financial information is critical to managing a nonprofit organization. Particularly for new board members who may be coming from the corporate world, acquiring this understanding will allow you to successfully fulfill your fiduciary duties on the board.
There are three standard financial statements: 1. The Statement of Financial Position or Balance Sheet. » Read More