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WELCOME!! 4 Annual€¦ · reducing isolation, maximizing skills development, information- ... 5...
Transcript of WELCOME!! 4 Annual€¦ · reducing isolation, maximizing skills development, information- ... 5...
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WELCOME!!4th Annual MAWOCN
Conference
Kenosha
Davenport
Executive Director
of the Family
Refuge Center
Diana Mancera
Director of
Membership &
Programs at Jane
Doe Inc.
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Who’s LEAP?
LEAP is a strategic project developed for the purpose to enhance the professional skills and overcome the barriers experienced by WOC in accessing and maintaining executive and/or leadership positions within the anti-violence
movement.
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The goals of the LEAP Project are:• Build upon and enhance the professional capacity of women of color
(WOC) executive directors, directors and senior managers in anti-violence against women programs.
• Create a community of support and professional network for emerging WOC executives and management leaders, aimed at reducing isolation, maximizing skills development, information-sharing, and communication.
• Optimize the success and effectiveness of emerging WOC leaders by providing opportunities to impact spheres of influence and communities through “Pay it Forward” activities.
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Show Me the Money
Understanding and Managing Budgets
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Learning Objectives
• Relationship between money and mission…not static
• Keys to increase revenue
• Learn a few necessary fundamental definitions
• Learn to read and analyze financial statements
• Explore executive/leadership decisions/positions
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5 Keys to Increasing Revenue Build the
Capacity of your team (board, staff, volunteers)
1
Dedicate the TIME
2
Identify and make CONNECTIONS
3
Increase your Presence
4
THINK outside the box
5
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Build Capacity• Educate and train your team
Team: Board, Staff, Volunteers, Community Partners
Elevator speech
Current Needs and Projects
Skills: grant writing, public speaking, making the ask
Marketing
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Dedicate the Time
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Identify and make Connections
Private Foundations
For-Profit Corporations
Non-profit Associations
Community Foundations
National Organizations
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Increase your Presence
• Press Releases
• Community Meetings
• Social Media
• Website
• Share your organization with others
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Think Outside the Box
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How do you feel when we say let’s talk about Financial Statements or Accounting, or Budgeting?
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Step 1: Sheet of paper
Step 2: Fold it in half
TOP HALF:
INCOME
BOTTOM HALF
EXPENSES
DEBT – WHAT DO YOU OWE
A
c
t
i
v
i
t
y
#
1
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Activity #1Step 3: SUBTRACT
REMAINING AMOUNT = NET GAIN/LOSS
• If you get a positive number, this means you make more money than you spend.
• If you break even, this means you have exactly enough money, but no margin. You may want to adjust your budget to give yourself some margin in the form of a “discretionary” category in the event that things come up that you didn’t plan for.
• If you get a negative number, this means you’re spending more money than you take home.
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“Well, it is not my job”
“The work is too
important not to be
funded”
“Budgeting is just
accounting by another name”
“Budget is just a
numbers game!”
“Senior management doesn’t
care what we say or if I could
save or process around budget”
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Addressing the 5 Misconceptions
1. “It’s Not My Job!”
2. “The Work Is Too Important Not To Be Funded”
3. “Budgeting Is Just A Numbers Game”
4. “Budgeting Is Just Accounting By Another Name”
5. “Senior Management Doesn’t Care About My Opinion/Knowledge of this or what I have to Say”
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The Basics of Budget in An Organization• Assets = Liabilities + equity[fund balance]
• Assets: Current assets are those that will be used within one year. Fixed assets (non current) are more long-term and will likely provide benefit for more than one year.
• Liabilities: Current liabilities are those, debts payable within a year. Long-term liabilities are typically payable over a period of time greater than one year.
• Retained earnings/Fund balance/Net worth: The value of the company or agency at a point in time
• General ledger: A complete record of all financial transactions over the life of a company.
• Chart of Accounts: A listing of the accounts available in the accounting system in which to record entries.
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Continuing…..• Balance sheet: A financial report that summarizes a company's
assets (what it owns), liabilities (what it owes) and owner’s equity at a given time. Point in time vs. period in time – it’s a snapshot
• Statement of Financial Position – official accounting term for the balance sheet in nonprofit financial statements
• Income: earnings – how the agency makes $
• Expense: The every day operational costs + any programmatic costs. Give some examples
• Net Income: what is the “bottom line” Calculated by subtracting totally expenses from total revenues.
• P & L Statement or Statement of Financial Activity – A financial statement used to summarize a performance and financial position by reviewing revenues, costs and expenses during a specific period of time; such a quarterly or annually.
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What do these mean?• Accrual Accounting - a method in which income is recorded
when it is earned and expenses are recorded when they are incurred, all independent of cash flow
• Cash-Basis Accounting - a method in which income and expenses are recorded when they are paid
• The main difference between accrual and cash basis accounting is timing.
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Let’s Look At Some Financial Statments
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POP QUIZ?
Accounting term that
summarizes the
organization’s assets and
liabilities?
REMEMBER!
Balance Sheet = A financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and owner’s equity at a given time.
Statement of Financial Position – official accounting term for the balance sheet in nonprofit financial statements
Cash on
hand
$ you haven’t received
Furniture + accumulated
depreciation.
Total Net
worth
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Bottom line
Total Current
Budget
What’s left
What percentage
of your
organization is
grant funded?
What do we
currently
owe our
employees?
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Fun: Part DeuxYou are one week into your Executive Director / CEO position.
• Scenario 1: Staff have not received pay increase in 5 years.
• Scenario 2: The BOD wants you to double your office space.
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Resources for Nonprofit Financial Management Planning
• Strengthening the budget development processA Five-Step Guide to Budget Development
• Connecting organizational goals with financial realitiesFunding Opportunity Assessment Tool (online interactive) *
• Calculating the true cost of programsProgram-Based Budget Builder (Excel) *
Monitoring
• Understanding and interpreting financial informationHow to Talk About Finances So Non-Financial Folks Will Listen (article)
• Managing restricted fundsTemporarily restricted net assets (TRNA) schedule