Just like for-profit businesses, not-for-profit enterprises need strong financial management to ensure they can deliver the best services possible to the people who depend on them.
But the fact is that weak financial know-how hampers many nonprofits, and the hard-working organizations that provide after-school programs to disadvantaged urban children and teens are no exception.
That's why The Wallace Foundation, which supports efforts to improve after-school programming for youngsters across cities, became interested in helping to address the problem. In 2009, Wallace launched a project to see if providing training and consulting could help 26 Chicago nonprofits that run respected after-school programs build their financial management muscle. Fiscal Management Associates (FMA), a consultancy that specializes in financial management for nonprofits, carried out the work, providing the Wallace grantees with a combination of training, tools and one-on-one assistance.
This Web site grows out that work, offering after-school nonprofits – and nonprofits in general – a range of free tools, articles, reports and other resources that FMA has identified as particularly useful to organizations that want to develop their financial skills. Among the resources are a number of tools that FMA has created specially for nonprofits, based on its work over the years in the nonprofit field.
A Wallace chart describes the Foundation's thinking behind the Chicago initiative, while a 2012 research report provides detail about its early successes and challenges.
We'd like thank the organizations whose financial management resources we are linking to on this website, including:
Alliance for Nonprofit Management
CPA Practice Advisor
Greater Washington Society of CPAs
National Center for Charitable Statistics
New York Nonprofit Press
Nonprofit Assistance Fund
Nonprofit Coordinating Committee of New York
Nonprofit Risk Management Center
Stanford Social Innovation Review
The Bridgespan Group
The Finance Project
The Grantsmanship Center
VCG Governance Matters
Westchester County Bar Association