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Presenting Nonprofit Financials
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Presenting: Nonprofit Financials An Overview of Board Fiduciary Responsibility Item Number: 277 Paperback with CD-ROM 28 pages Published 2001, BoardSource This book can be purchased directly from BoardSource |
The board's fiduciary responsibility is often one of the most intimidating aspects of board service. BoardSource has created Presenting: Nonprofit Financials, a CD-ROM tool with a user's guide, to help teach board members their financial responsibilities in an easy-to-understand manner. This on-screen presentation contains four parts that can be used in parts or as a whole, depending on the needs of your board:
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Section 1 explains the board's financial basics including job descriptions of financial staff and board positions, and a list of financial documents board members should understand.
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Section 2 provides common financial management definitions to help board members understand the terminology they will come across when reviewing financial statements.
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Section 3 explains the annual audit procedure, the types of auditor opinions, and debunks common myths about nonprofit audits.
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Section 4 reviews the annual audit, using sample financial documents as a case study to give board members hands-on experience reviewing an audit. This section discusses the importance of footnotes to the audit, analyzes the numbers in the sample financial statements, and makes recommendations based on the results of the sample audit.
