Thank you for visiting my website. It is estimated that 30% to 50% of nonprofit board of directors lack the necessary knowledge to confidently analyze and interpret financial statements. Financial oversight is one of the primary roles of nonprofit director.
Directors should help establish and monitor financial policies. Too often, financial oversight is delegated to the Board Treasurer or the Finance Committee. However, each director has a fiduciary responsibility to the organization. It’s the responsibility of each director to educate themselves on the basics of financial management and oversight.
After serving on several nonprofit boards, I discovered that the majority of directors lack a basic understanding of financial statements, budgeting process and key operating indicators relevant to their organization’s mission and goals.
Peter is nonprofit financial management consultant, author and coach. He is passionate about helping nonprofit leaders increase their understanding of nonprofit financial management.
Peter has worked in the financial services industry for more than 28 years. Peter has served on several nonprofit boards over the past fifteen years. Most recently Peter as Chair of the Board of Directors for $50 million revenue nonprofit social services in Detroit. He was responsibile for approving the annual budget. Monitoring monthly financial statements. Overseeing financial reporting, including the annual IRS Form 990 and all required tax filings. Ensuring the organization has the cash reserves and investments necessary for long-term success.
