INFO CENTRAL: Financial Management

Nonprofits have an obligation to act as responsible stewards in managing their financial resources. Nonprofits must comply with all legal financial requirements and should adhere to sound accounting principles that produce reliable financial information, ensure fiscal responsibility and build public trust. Nonprofits should use their financial resources to accomplish their missions in an effective and efficient manner and should establish clear policies and practices to regularly monitor how funds are used.

More Related Practices

Featured Article: Protect Your Assets with Sound Internal Controls 

Establishing internal controls for your nonprofit is a simple and inexpensive way to ensure the financial stability of your organization.  Read more about this sound risk management strategy in the following article from the Nonprofit Risk Management Center.

More of this featured article

The Basics

Templates and Samples

FAQs

Can nonprofits “make a profit?”

What is the current federal mileage reimbursement rate?

How should my organization prepare for an audit?

More FAQs

Featured Resources

Search for accountants and auditors in the Online Nonprofit Yellow Pages

Government Agency: Internal Revenue Service

Government Agency: Attorney General's Office, Charities Division

Organization: Nonprofits Assistance Fund

Organization: Financial Accounting Standards Board (FASB)

Membership Association: Nonprofit Financial Group (NFG)

More resources

 

Principles and Practices for Nonprofit Excellence

Newly revised in 2005, the Principles and Practices for Nonprofit Excellence are based on the fundamental values of quality, responsibility and accountability. The ten characteristic accountability principles distinguish the nonprofit sector from government and business. The 133 management practices provide specific guidelines for individual organizations to evaluate and improve their management

More info