Nonprofit executives have to strike a balance between creating public value and managing the bottom line. Sound financial management is critical to the long-term health of any nonprofit organization. Senior executives leading nonprofits need the ability to read financial reports accurately, ask the right questions of their financial officers, and make strategic management decisions based on a solid understanding of the general business principles that apply to all organizations.
Nonprofit Financial Stewardship is an online program designed to help managers in nonprofit organizations understand the tools, techniques, and concepts of good financial management. The program represents a unique online learning opportunity for nonprofit and non-governmental organization managers to interact with colleagues from around the world and Professors James P. Honan and Ann Thornburg of Harvard Kennedy School.
The Nonprofit Financial Stewardship program is comprised of four topics:
- Mission, money, and impact
- Understanding financial statements
- Tools, frameworks and concepts in financial management
- Budgeting and resource allocation
Each topic is covered in a module that combines readings, online discussion, videos, and a workbook exercise – allowing participants to apply the information learned in each module directly to their organization.