You Don't Need an MBA to Understand Your Organization's Financials
This event is part of Foundation for MetroWest's Center for Philanthropy Education and is meant for nonprofit board members, staff, and/or volunteers.
Most people come to a nonprofit for its mission right? But board members and senior staff often find out that a finance background would also be useful! But, no! Numbers?! Scary!!
Ellen Sturgis will lead you to the key information you can gain from your financial reports (or what you should be asking for if you don’t get them now) and demystify standard financial statements to enable to you to meet your fiduciary and management responsibilities.
Participants will review balance sheets and operating statements and talk about what is key for you and your organization (specifics vary greatly depending on the sector and operating structure), using participants’ actual reports as a live case study. As we do this, we’ll answer the questions: How do the financial statements tie to the mission of the organization? What would a foundation think of our financials? What does the audit report mean? Do I really need to read the 990? Do I know what the 990 is?! Ellen will bring an example of a 990 and an audited financial and review key sections.
Pre-registered participants will be invited to submit a copy of their most recent financial statement. If none available, please submit your most recent audited financial statement.
Primarily board members and senior staff, though all staff are welcome.
**PLEASE NOTE: Foundation for MetroWest will prioritize giving tickets to nonprofit board members, staff, and/or volunteers serving or living in MetroWest communities.
About the Presenter:
Ellen Sturgis’ specialty is in creating and improving administrative systems for small and medium sized nonprofits, and getting their financial health in order. She has an MBA in finance from Boston College and spent two years at Bank of Boston before going back to the nonprofit sector. Sturgis has served dozens of organizations throughout her career ranging from arts organizations to conservation and social services, most recently the Amazing Things Arts Center in Framingham. This summer, Sturgis launched a consulting service, Night Heron Consulting, to target underperforming nonprofits. Sturgis has served on several boards including Northeast Cooperatives and Downtown Framingham Inc, and was recently elected to the Hampshire College Board of Trustees.