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Budgeting and Financial Management for Nonprofit Organizations

Budgeting and Financial Management for Nonprofit Organizations
Using Money to Drive Mission Success

First Edition

June 2012 | 408 pages | CQ Press
In the nonprofit sector, money drives mission. Well-managed budgets and investments can spur long-term growth and achievement, while financial mismanagement can damage and even destroy organizations. Weikart, Chen, and Sermier—in their exciting new text geared wholly to nonprofits—provide the financial tools nonprofit managers need to thrive in pursuit of mission success.

Given the wide array of nonprofit managers' backgrounds, and recognizing that there is often an inherent fear of "the financials," the authors explain financial concepts without leaning unnecessarily on intimidating jargon. The result is a practical, accessible resource the prepares the next generation of nonprofit managers in financial planning and analysis as well as conventional and entrepreneurial financial management.

Grounded in real-world cases and offering plenty of opportunity for application and practice, Budgeting and Financial Management for Nonprofit Organizations helps readers develop a stable fiscal foundation and sound financial strategies for their organizations to prosper in times of economic expansion and contraction.

About the Authors
1. An Introduction to Nonprofits: Mission and Money
2. Budgeting as Part of the Planning Process
3. Liquidity and Managing Cash Flow
4. Analyzing Costs
5. Principles of Accounting and Reporting Requirements
6. Understanding Financial Statements
7. Financial Analysis
8. Financial Tools for Informed Decision Making
9. Understanding Revenues
10. Performance Measurement in Financial Management
11. Time Value of Money and Cost-Benefit Analysis
12. Capital Budgeting and Financing
13. Investment Strategies
14. Internal Controls
15. Adapting to Turbulent Times: Conventional and Entrepreneurial Financial Strategies

Budgeting and Financial Management for Nonprofit Organizations is a welcome addition to the field. The book’s exclusive focus on nonprofits allows it to cover a variety of relevant financial management techniques and apply them in assignments and cases that present numerous and practical financial situations. Professors and students alike will appreciate its straightforward, user-friendly approach. I strongly recommend this book!”

Jay Eungha Ryu
Ohio University

Budgeting and Financial Management for Nonprofit Organizations fills the need for a text focused solely on nonprofit organizations. Its treatment of financial topics as they apply to nonprofits is instructive, accessible, and appealing. The book's depth and breadth are a welcome contribution to the field.”

Gary Rassel
University of North Carolina, Charlotte

“Weikart, Chen, and Sermier aim to provide practical and useful insights into the problems faced by nonprofit board members and financial managers. They succeed very well indeed, outlining new formats for analysis and serving up sound advice for the real world issues of nonprofit financial management.”

Dall Forsythe
New York University

Students found the book interesting and fundamental to their understanding of finance

Dr Scott Foster
Department of Marketing, Liverpool John Moores University
July 11, 2013
Key features

  • Nonprofit leaders are not often financial experts, so the authors provide a unique "Financial Tools for Informed Decision Making" chapter to help financial experts present data in a way that these leaders can fully understand the reality of their nonprofit's fiscal situation.
  • Case studies, rich with detail and featuring both real and theoretical situations, ask students to engage in the tasks of a financial manager, such as examining a nonprofit's budget to determine revenues and program costs to make fiscal year comparisons, generating appropriate data to aid decision-makers in determining whether to launch a new program, and following the steps toward creating a balanced budget.
  • Skill-building exercises and assignments allow students to apply new skills, including such activities as developing a cash budget, applying the direct allocation method, recording transactions, and creating a statement of financial position.
  • Abundant tables, figures, and worksheets promote accounting, data, and financial statement literacy.
  • Chapter objectives, bolded key terms, and a glossary provide useful reference and study aids.

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