Recently, one of our colleagues, Stephanie A. McGuire, the director of Ellin & Tucker, shared a video her firm prepared for their not-for-profit clients. Ellin and Tucker is a business consulting and public accounting firm focused on helping their clients and employees reach their full potential. The video listed six things NFPs should focus on in 2019, and I had to share as well, to help your non-profit transition into the new year.
- Reporting Changes – You should begin thinking about the new financial reporting changes that go into effect June 30th. Changes are both qualitative and quantitative and will have different impacts depending on the size of your organization. Full Summary of Changes Here
- Making your FY19 Budget – Each budget item should be reviewed and analyzed.
- Role of the Board – Board diversity is key to ensuring the group perspective is healthy and resourceful. Evaluate each board member and examine what they bring to the organization. Different backgrounds can often provide new ideas for impacting positive change.
- Vendor Relationships –- Review the vendors your organization uses. Are they a great value and price? Evaluate every relationship to confirm each vendor is the best choice for your organization.
- Benchmarks – When was the last time your board and management team reviewed a 5- or 10-year history of programs?
- Fundraising – Think outside the box! Diversity is key. Fundraising Ideas
Thank you Stephanie for sharing this important information! You can watch the full video here: