In the second technical leaflet in their financial series, Stacy L. Klingler and Laura B. Roberts move beyond the topic of budgets into a discussion of long-term strategic financial management.
A budget is the place to start, but to ensure financial success and stability, you also need ways to monitor your financial performance and to make sound decisions about your funds. Financial management should be a shared responsibility among the board and staff of an institution, and timely, accurate information is crucial for the judgments these groups make.
With example reports and accessible definitions of financial terminology, the authors walk you through the process of monitoring and assessing your organization’s financial plans, goals, and needs.
Topics covered include:
- internal and external financial reports
- reading budget reports
- assessing and improving performance
- cash flow projections
- checks and balances in financial responsibility
For the first part of this series, “Building Better Budgets,” see Technical Leaflet #268!