Non-Profit Needs to Improve Board Level Financial Information
The Board of Directors of a non-profit agency wanted better financial reporting and insight into the financial status and viability of the agency.
- Financial statement preparation was outsourced and not being reported in a timely manner.
- The Executive Director found the statements difficult to understand.
- The agency had consistently been losing money and was running out of reserves.
- The long-term sustainability of the agency was in question. It was unknown how long the agency could survive.
- A Fractional (part-time) Lauber Business Partners CFO was engaged to work with the office manager to bring the outsourced accounting function back in-house.
- Financial statements were revised into a meaningful and understandable format and were completed in a timelier manner.
- The Lauber Business Partners CFO worked closely with the Executive Director allowing her to gain a better understanding of the financial workings of the organization.
- Historical and forecasted financial information was presented at all board meetings.
What this meant to company
- When presented with thorough and easily understood financial information, the comfort level of the board increased dramatically.
- A realistic picture of the financial status allowed the board to strategize about the mission and alternatives regarding the agency’s future.
- Normalized operations allowed the Agency to operate for over two years before they negotiated a merger with a larger agency that shared a compatible mission.
- As part of the merger, all obligations were satisfied, and all employees retained their jobs.
The value of a Fractional (part-time) Lauber Business Partners CFO:
- Extensive domain expertise in senior financial position.
- A trusted advisor to CEO on many matters.
- Looks at business through perspective of maximizing competitiveness and long-term enterprise value.
- Extended tenure with clients helps develop stronger financial and business acumen across client’s leadership team.
Engage a seasoned Chief Financial Officer with extensive skills, experience and strategic insight without paying the premium salary commanded by a full-time CFO. For more information please contact Lauber Business Partners at 414-273-8060 or email@example.com.