Financial Risk Management: Key to your Nonprofit’s Health
Is financial health a priority at your nonprofit? If so, then a little more than weekly housekeeping may be in order. Financial risks can result from insufficient internal controls or practices that invite fraud, or from fundraising activities that go awry. Not all financial risk is avoidable of course, (think stock market volatility) but being prepared — and having appropriate policies in place to minimize and transfer risk is key to a healthy organization.
The Center can help you develop or refine existing financial policies and procedures, train staff and insulate your operations from unnecessary financial risks.
Look to the experts at the Nonprofit Risk Management Center for:
Fraud Prevention and Internal Controls
Any organization committed to assure the availability of financial assets for mission-critical programs must examine its methods and practices for preventing the waste or theft of assets. The Center designs and delivers training programs in the areas of fraud prevention and internal controls and consults on the revision of internal processes to improve the effectiveness of management and financial controls and processes. To discuss your organization’s needs, please contact us: (202) 785-3891 or email us.
Financial Practices Consulting
Recent assignments have included consulting on the creation and role of audit committees, and assisting a nonprofit put its insurance business out to bid. We are available to review internal procedures, brief your Board (in person or by telephone) on current financial “best practices,” as well as risk and legal exposures, and prepare reports outlining suggested action steps. Whether it is getting an audit committee underway or reviewing internal controls with office staff, the Center is ready to assist your organization. To discuss your organization’s needs, please contact us: (202) 785-3891 or email us.
The Center provides Risk Assessments with an emphasis on financial management and other top concerns of your Board of Directors. To read more about our risk assessment services and the steps in requesting a proposal, click here.
Insurance coverage reviews are also a way that a nonprofit can be sure it is purchasing adequate coverage at a fair market price. To read more about the Center’s Insurance Coverage consulting services and the steps in requesting a proposal, click here.
Keynotes, Workshops and Presentations
Keynotes, workshops and presentations on topics ranging from “Financial Risk Management,” to "Business Continuity Planning for Nonprofits,"The Center’s staff is available to present workshops on a range of topics that focus on helping your organization develop and practice sound financial management. For more information on our speaking services, click here. To view a list of upcoming and recently delivered programs, click here.
Examples of the Center’s workshop topics on financial risks include:
- “Financial Risk Management: Beyond Internal Controls”
- “Balancing Risk and Rewards in Investments”
- “Revenue and Risk: Adventures and Disadventures in Raising Funds to Support Your Mission”
- “Managing Restricted Funds: When the Donor or Dollars Bite Back”
- “Increasing the Financial Literacy of Your Board: When Board Training Is Not An Option”
- “Audit Committees: Why Should Your Nonprofit Have One, and What Do They Do, Anyway?”
- “Government Contracts: Risks When Uncle Sam is Footing the Bill”
- “Conflicts of Interest: Policies and Practices that Help Boards Recognize and Manage Financial Conflicts”
Additional Customized Services
Examples of Additional Customized Services Include:
- Keynote speaking engagements: For more information on our speaking services, click here.
- Customized Regional Risk Management Conferences: Each year the Center partners with national, regional and state based organizations to deliver one and two-day conferences addressing core risk management topics. Call Melanie at (202) 785-3891 to discuss your interest in hosting a conference.
- Publications: The Center can provide customized content on risk-management topics for your organization’s newsletter or website.
- Web Tutorials: The Center has extensive experience designing internet-based training tutorials that your staff can attend when convenient for them by downloading the program on their computer or visiting a password protected website.
- Webinars: On-line, interactive web-based seminars that the Center can develop for your members or constituency. Click here for a list of recent and upcoming Webinar topic and to register.
You can place a secure on-line order to order the Center’s easy-to-read books and other materials addressing an array of financial risks, including:
- Pillars of Accountability: A Risk Management Guide for Nonprofit Boards
- Coverage, Claims & Consequences: An Insurance Handbook for Nonprofits
- Managing Special Event Risks: Ten Steps to Safety
- No Strings Attached: Untangling the Risks of Fundraising & Collaboration
- Financial Risk Management: A Guide for Nonprofit Executives
- Don't Be Ensnared by the Risks of Fundraising
- Accountability Measures: Service Statistics
- The Audit Committee and its Expanding Role in Risk Management
- Broken Promises
- Care and Feeding of a Healthy Organization
- Preventing Crime on Your Premises
- Theft of Funds Is Not Covered by Insurance
Visit our on-line Library for other topics.
The Center’s bi-monthly newsletter that is emailed to your in-box, providing a quick lesson or highlighting a timely issue that your organization needs to know. Sign up for eNews Here!
Risk Management Essentials
View the Center’s 16-page newsletter that is published three times a year. Each issue covers a selection of issues, showcases the Center's training and workshops, and/or highlights new publications offering risk management advice from a nonprofit perspective. Download the current issue or order back issues here!
For more information or to explore how the Center can help your organization address financial risks, contact Melanie via e-mail.