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. 

Challenges:

• 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.

Solution

• 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.

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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 info@lauber-partners.com.