In this webinar, we explored how to understand financial reports and build a shared vocabulary around financial management topics between board members and an organization’s leadership. We explored the components of key financial statements and the IRS Form 990, as well as discussed how you can develop and track key performance indicators over time. Specific financial reports and topics we reviewed include the following:
Watch the Recording
- Statement of Financial Position (aka, Balance Sheet)
- Statement of Activities (aka, Income Statement)
- Statement of Cash Flows
- Form 990
- Evaluating financial performance using key drivers/ratios for camps
You can also download the "Understanding Financial Statements and Reports" Powerpoint file
FMA exists to build a community of individuals with the confidence and skills to lead organizations that change the world.
Since 1999, FMA has served major foundations and nonprofit organizations nationwide and around the world, helping them develop the capacity they need to fulfill their missions more effectively and efficiently.
Drawing on a culturally and linguistically diverse staff, with experience across the philanthropic sector, FMA delivers services that are sensitive to the needs of both nonprofit and funding organizations. Their collaborative approach includes funder input and involvement at each stage of an engagement, and at the core of every project is a commitment to developing strong and trusting relationships between funders and their grantees.
Read more: https://fmaonline.net/nonprofit-financial-management/about-fma/
Gina McDonald, CPA
Gina McDonald, Instructor, FMA, will be leading all three webinars in this series.
As a Lead Consultant at FMA, Gina works closely with a variety of nonprofit organizations to assist in building their internal fiscal capacity. She is often part of a team dedicated to building long-term client relationships and providing one-on-one client service customized to each organization’s needs for finance department support.
As the rules and regulations for nonprofit accounting and reporting evolve and become more complex from both funder and grant recipient perspectives, Gina stays up to date on the changes, translating regulations into relatable terms and guiding nonprofits in continued compliance.
She enjoys developing and conducting trainings on a variety of technical accounting and other matters affecting nonprofits. She is an instructor for FMA’s Certified Nonprofit Accounting Professional (CNAP) program, a comprehensive training comprising nonprofit financial reporting, internal controls, budget development, governance and the Form 990, and she has been a driving force behind the development of a long-awaited CNAP 2.0.
Prior to joining FMA, Gina spent 17 years in public accounting, including 10 years dedicated to nonprofit and governmental accounting and financial reporting as an Audit Senior Manager. Much of that work was focused on helping board members and organization leaders understand their financial results and use that knowledge to drive efficiencies and make informed business decisions. Gina has additional expertise in evaluating the effectiveness and operation of internal controls and financial policies and procedures.
Gina is Board Treasurer for both the Rhode Island Council for the Humanities and the Rhode Island College Foundation in her home state, and she regularly seeks other opportunities to assist nonprofits both close to home and nationwide.