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• W2561262909 abstract "[ILLUSTRATION OMITTED] Not-for-profits have different missions and goals than for-profit enterprises do, but both must have the right management team and business practices in place to function and grow. In a competitive marketplace, it is no longer sufficient to rely purely on government funds or donations, said Dorri McWhorter, CPA/CITP, CGMA, the CEO of the YWCA Metropolitan Chicago. idea of people giving money because they are feeling sorry for others is an outdated notion that can't be relied upon anymore.... There must be leadership that can look at a not-for-profit organization differently to create a value proposition and new revenue streams. Funding and staffing constraints and limited management resources can make maintaining strong business practices a challenge in the not-for-profit sector, preventing organizations from reaching their full potential. Here are eight top business practices that all not-for-profits should consider implementing: GOVERNANCE AND BOARD OVERSIGHT Management and its governing board must have clarity about roles, responsibilities, and authority. This understanding should be formally documented in the not-for-profit's policies and procedures and board training materials. Andrew Prather, CPA, CGMA, shareholder, Clark Nuber PS, suggested that a variety of not-for-profit governance philosophies and methods are available for research in books and online and that there is no one right method for all. Reach out to affiliates and others in your industry, network, or association, he said. Talk to like-size organizations that are well run. Resources for effective board governance include the AICPA Not-for-Profit Section and interest area (aicpa.org/NFP), the Carver Policy Governance Model (carvergovernance.com), and BoardSource (boardsource.org). Attracting and retaining board members can be a significant issue. Prather recommended that when seeking new board members, the CEO and other board members should provide key areas of expertise needed (e.g., financial, legal, programmatic) based on the organization's size and what it is trying to accomplish. A nominating committee can create an ongoing, formal recruitment process for existing board members to identify new board members. It is important to train and educate board members on their responsibilities. The frequency and formality of the training will likely vary depending on the organization's size and its board members backgrounds. CPA firms and other organizations provide resources and training on effective board practices. Training should include organization-specific matters, such as the entity's programs, activities, mission and philosophy, strategy, finances, and the board's relationship to the organization and its staff. Other topics that would enhance the ability of board members to fulfill their role include education on responsibilities of boards overall, such as fiduciary responsibility, legal liability, conflicts of interest, and independence; financial, tax, and regulatory matters; risk management; and public relations. Training could also include education on how to be a more effective board member, including interpersonal skills, problem-solving, dealing with conflict, and personnel relations. STRATEGIC PLANNING Many not-for-profits operate without a formal strategic plan or one that only covers 12 months. Prather said that a good strategic plan includes areas of both risk and opportunity and covers the next two to five years. Most middle-of-the-road charities do fairly well with risk mitigation but poorly with capitalizing on opportunities like growing capacity and achieving their mission, he said. Boards look to the CEO to identify opportunities, but the board needs to encourage the CEO to have vision and be mission-directed to make it happen day to day. Strategic objectives should be set using a team approach that incorporates every department of the not-for-profit. …" @default.
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• W2561262909 date "2016-05-01" @default.
• W2561262909 modified "2023-09-23" @default.
• W2561262909 title "Business Practices That Not-for-Profits Can't Afford to Overlook: A Strong Foundation and Structure Can Help Organizations Reach Their Full Potential" @default.
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