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Finance Resources for Nonprofit Organizations

By: Toffer Grant

 

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It can be tricky managing the finances for a nonprofit organization. Keeping track of invoices, reimbursements, and petty cash seem like minor issues but they can quickly spiral out of control unless proper controls and policies are put into place. A good place to start when establishing these fiscal controls would be asking yourself the following questions:

 
  • What is the petty cash allowance per person?
  • How can employees request an exception to this allowance?
  • What expenses are deemed appropriate and inappropriate?
  • What is the procedure for submitting an expense report?
 
The follow-up to the above questions is to get a policy in place with respect to petty cash and employee reimbursement. A helpful guide to creating fiscal policies and procedures can be found here. There is some great material that will help cut through the clutter and focus you in the right direction.
 
Since it is 2014, wouldn’t it be great if you could use technology to make things easier? According to the Nonprofit Finance Funds 2013 State of the Nonprofit Fund Sector Survey, 46% of respondents plan to upgrade technology to improve organizational efficiency in the next 12 months. Does your organization plan to do the same?  Finance apps are big business these days given most people use smartphones or tablets daily. Apps are great but at the end of the day they are mainly organizational tools which aim to better organize and display data and aren’t true tools that can help your nonprofit improve its financial management. So what useful tools can nonprofits utilize which address improving real issues?
 
Here’s a list of a few we suggest:
 
 
Published: May 28, 2014
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Toffer Grant

Realizing that banks and card issuers were not serving the development of prepaid debit card services for small and mid-sized companies, Toffer Grant founded PEX Card to help SMBs maximize the efficiency of their financial operations. His career in the prepaid card industry began in 2000 at Clarity Payment Solutions, a leading venture-backed platform company servicing the budding prepaid industry. Toffer focused on customized check to card payment conversions for large brand corporate clients and grew a high value reseller network for the company. Over six years, he initiated 65 prepaid card programs in consumer, corporate and emerging verticals of the prepaid card industry.  Toffer saw the company grow from a tech startup to life in a large public company after acquisition by TSYS in 2004. Follow Toffer on LinkedIn and PexCard on Twitter, Facebook, and LinkedIn.

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