Does Your Board 'Get' Your Financials?
Accurate, relevant and timely financial information is key to making good decisions
Accurate, relevant, and timely financial information is key to making good decisions for nonprofit executives and board members. But do all your board members really understand the numbers they receive and what they mean to your organization? Here’s how to find out and what you can do to get board members up to speed.
Consider Your Audience
Your board members likely come from different backgrounds and different positions in the community. Some of them may have financial backgrounds, but many of them might not. And it’s this latter point you need to keep in mind as you supply financial data.
For example, don’t assume that everyone on your board of directors understands financial language. Provide them with some working definitions to help them along. Here are some commonly used financial terms and ways you can describe them in everyday language.
Please select this link to read the complete article from OSAP Member VonLehman CPA & Advisory Firm.