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. In 2009, The Wallace Foundation launched a project to see if providing training and consulting could help 26 Chicago nonprofits that run respected afterschool 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 toolkit grows out that work, offering afterschool 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.