10 tips for Association finances
John Peacock, CEO of Associations Forum, has written 10 tips for Association finances.
- Avoid using the term "not-for-profit".
- Tell staff as much, or more, about the finances as the Board.
- Always start with the balance sheet.
- Use activity-based costing.
- Prepare accurate and modern financial statements.
- Manage the funds as if they were your own.
- Allocate staff costs to specific projects, not overhead.
- Have a Finance and Internal Audit Committee.
- Don't involve the Board in approving each transaction.
- Benchmark your association's finances.
Click here to download a copy of this resource.
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