2:00 p.m. Eastern | 1:00 p.m. Pacific (1.5 hours)
Presentation Description:
This workshop will walk you through the fundamentals of how to read and analyze critical financial statements for your organization. No matter your size or role at an organization, it is important to understand where your funding is coming from and where it goes. Presenters will walk through key metrics starting with a chart of accounts and explain balance statements, profit & loss and cash flow. They will give you tips on how to create a dashboard that will wow your board and educate your staff. Finally, they will talk about how to create a budget, especially during these uncertain financial times. This workshop will be useful for the new Executive Director/founder to program directors to administrative staff and everyone in between.
*There will be no CE's offered for this webinar
About the Presenters
Liz Cohen has held various leadership positions in her more than 20 years working in non-profits. Currently, she is the Executive Director of The Children’s Room, responsible for their growth strategy, budget planning and overall staff and board management. Before joining The Children's Room, Liz served as a Senior Development Officer for Jewish Family & Children’s Services (JF&CS) supporting programs for older adults and adults with disabilities; she also helped launch a planned giving program. Prior to joining JF&CS, Liz was the Executive Director for Families First Parenting Programs, where she grew the budget by 30%, rebuilt the board of directors, and led strategic planning and reorganization efforts. Under her leadership, the organization was selected as an investee for Social Venture Partners. Past positions include leading professional training programs at Planned Parenthood League of Massachusetts, working on health-based national education outreach campaigns at WGBH Educational Foundation, and serving as Executive Director of Rape Crisis Services of Greater Lowell (now known as Center for Hope and Healing). Liz completed a Master’s of Public Health at Boston University School of Public Health where she also developed and taught a course on Sexual Violence with Dr. Elaine Alpert for several years. In 2018, she received a Distinguished Alumni Award from BUSPH. She did her undergraduate work in clinical psychology and child development at Tufts University.
Rachael Perry has been a CPA for 10 years, working in both for-profit and not-for-profit settings. Currently she is the Controller for The Children’s Room and The Cambridge Public Library Foundation, responsible for financial data and reporting, managing the budget, and supporting the annual audit. Before The Children’s room, Rachael spent several years consulting with Boston-area nonprofits, focusing on improving and implementing good financial controls and monthly reporting. Prior to consulting, Rachael worked as an auditor at PricewaterhouseCoopers, and later, Staples, inc. In addition to her accounting experience, Rachael spent 4 years teaching high school Math, and got her masters degree in secondary education. Rachael loves to bring her teaching experience to the private sector, helping organizations better understand their financial information.
Objectives
The session will walk you through
1. Participants will learn the basics of financial reporting including how to create a chart of accounts, how to read & analyze standard monthly metrics, and the difference between cash and accrual accounting.
2. Participants will understand how to successfully implement a financial dashboard to give high-level information to board and staff.
3. Participants will observe how a Controller and Executive Director worked together to create a flexible budget in response to COVID-19 that allowed them to plan for the year.
