Not for profit leaders report – Financial management
16 December 2021 at 7:00 am
Astute financial management is key for not for profit success.
HLB Mann Judd Sydney has launched its Financial Management Not for Profit Leader’s Report.
The report focuses on financial management in the not-for-profit (NFP) sector, looking at planning, organising, controlling and monitoring financial resources with a view to achieving an organisation’s goals and objectives. It provides an opportunity to benchmark your organisation against other NFPs and provides insights and recommendations for leaders.
Australasian head of not for profits and audit partner Aidan Smith commented, “With the COVID-19 government support ending, astute financial management is critical for not for profits to meet their objectives, remain solvent and continue to support the community.”
HLB Mann Judd Sydney surveyed more than 70 NFP leaders on financial management.
Respondents covered a wide variety of NFP organisations from traditional charities, research organisations, social enterprises, aged-care, schools and membership organisations ranging from small to large.
- 55 per cent of respondents reported that COVID had negatively affected the organisation’s financial performance.
- 46 per cent said that their level of cash reserves had not been affected during COVID.
- Nearly half of respondents said retention of key staff was the biggest risk to their finance team.
- More than 84 per cent were not concerned about the historical application or interpretation of payroll awards.
- 91 per cent believe technology will be a key factor to help the organisation reach its strategic goals.
Exclusive Not for Profit Community
HLB Mann Judd is deeply committed to Australia’s NFP sector, exemplified through the collaboration with the Commonwealth Bank to create the Exclusive Not For Profit (ENFP) community.
Through our desire to partner with the sector, we brought together numerous senior executives in the NFP sector, asking them what they needed and what would help them drive their mission.
Overwhelmingly the response was for greater access to peers, technical expertise and thought leaders.
The ENFP group provides:
- exclusive boardroom briefings for NFPs – currently we present five briefings per year and a Christmas function;
- an exclusive LinkedIn group with over 1,100 decision-makers in the NFP sector; and
- opportunities to collaborate and to share thoughts, ideas and solutions with other NFPs.
If you would like to learn more about the community or the report please contact Kim Kelloway, head of clients and markets at firstname.lastname@example.org or 02 9020 4285.