Bringing Associations Together To Boost Performance


10 tips for Association finances

John Peacock, CEO of Associations Forum, has written 10 tips for Association finances. 

  1. Avoid using the term "not-for-profit".
  2. Tell staff as much, or more, about the finances as the Board.
  3. Always start with the balance sheet.
  4. Use activity-based costing.
  5. Prepare accurate and modern financial statements.
  6. Manage the funds as if they were your own.
  7. Allocate staff costs to specific projects, not overhead.
  8. Have a Finance and Internal Audit Committee.
  9. Don't involve the Board in approving each transaction.
  10. Benchmark your association's finances.

Click here to download a copy of this resource. 

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