Nonprofit Accounting

Top Five Tips for the Mission-Infused Nonprofit CFO

Best practice resources for nonprofit financial leaders

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TIP SHEET Top Five Tips to Drive Organizational Success as a Mission-Infused Nonprofit CFO The role of the contemporary nonprofit CFO includes responsibilities that go beyond traditional finance and accounting duties. According to Grant Thornton's 2017 CFO Survey, respondents reported an increase in the finance department's involvement in multiple functional areas, including strategic planning, performance management, and IT. As CFOs become more involved in determining the organization's goals and strategies to achieve them, it is more important than ever for CFOs to lead the effort in forging strong partnerships that keep finance and mission connected. Build sustainable systems to support mission success. In my white paper, An Unsurprising Revelation: The Nonprofit Business Office is Closely Linked to Mission Success, I stated that mission- strategic decision-making requires confidence in the underlying integrity of the financial systems. It is critical to develop a dynamic, sustainable business model that can meet the fixed and variable needs of your organization today and in the future. Be sure to: • Run unrestricted net assets either at breakeven or in surplus of budgets. • Prioritize diverse revenue streams that enable the organization to cover core program costs. • Build an indirect cost rate into grants and contracts to minimize the gap between indirect costs and direct cost recoveries. 1 January 2018 800.443.9441

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