From the course: Nonprofit Management Foundations
Unlock the full course today
Join today to access over 23,400 courses taught by industry experts.
Understanding nonprofit financial leadership
From the course: Nonprofit Management Foundations
Understanding nonprofit financial leadership
- I've always liked how Peter Drucker defined the difference between a manager and a leader. A manager makes sure you do things right, whereas a leader makes sure you do the right things. This distinction is particularly important when it comes to understanding how finances work in a nonprofit. Because there's a big difference between financial management and financial leadership. Financial management involves collecting financial data, producing accurate reports, and solving near-term financial issues. Whereas financial leadership is about guiding the nonprofit toward growth and sustainability. At the end of the day, a nonprofit CO is really responsible for one basic thing. You need to lead the organization to produce significant impact, and you need to support the work with a sustainable financial model. To be successful, you can keep in mind the following financial leadership guidelines. First, develop a realistic annual budget. Strong annual budgeting is an essential element of…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.