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Financial Management

1.1 Continuing Education Units (CEU) will be offered for this training.

To serve crime victims more effectively, victim service organizations must use fundamental financial management practices to stay solvent and operate properly. In this training, you will learn key bookkeeping and accounting principles, how to prepare financial documents, how to prevent fraud, and the differences in available financial management tools.

Audience: This training is designed for those responsible for their organization's financial management.

  • Introductory Week: Introduction to Financial Management
    • Define financial management.
    • Define nonprofit and tax exempt.
    • Identify the four key elements of financial management.
    • Describe the benefits of financial management.
  • Week 1: Planning the Budget
    • Explain the budget planning process.
    • Create an organizational budget with narrative.
    • Describe the differences between restricted and unrestricted funds.
    • Identify key elements and line items of a budget spreadsheet.
  • Week 2: Bookkeeping and Accounting Concepts and Practices
    • Describe key bookkeeping and accounting concepts and practices.
    • Explain the six key accrual accounting concepts of financial management.
    • Describe fund accounting and functional accounting.
    • Create a coded budget to an account number, the account number name, category/type, and account group.
  • Week 3: Financial Reporting and Monitoring
    • Explain the components of a balance sheet.
    • Describe the difference between profit and loss budgets and year-to-date actuals.
    • Examine a cash flow statement.
    • Identify items to include in cash flow projections.
    • Identify key tasks in a calendar of financial activity, including the frequency at which each task should be complete.
  • Week 4: Practical Financial Oversight
    • Explain how fraud and embezzlement can negatively impact your organization.
    • Describe the financial management roles and responsibilities of the board, committees, and staff members.
    • Identify proper financial policies and procedures.
    • Describe the value of internal and external controls.
    • Describe external controls including audit, IRS Form 990, and Grant Requirements.
    • Identify the internal and external controls your organization currently has in place and who is responsible for those processes.
  • Week 5: Ensuring the Financial Health of Your Organization
    • Discuss the benefits of conducting a financial health self-assessment.
    • Describe how you can use a financial health self-assessment as a tool for your organization.
    • Identify potential strengths, weaknesses, and gaps based on your organization's results.
    • Identify partners in your organization to help address weaknesses and gaps in your organization's results.