Nonprofit Financial Consulting Case Studies

• Financial Literacy Coaching:
  We provided one-on-one coaching for the team on understanding and interpreting financial statements, budgeting, and using financial data to make strategic decisions. This empowered the team to better align financial choices with the organization’s mission.

• Membership Training:
  Through a series of workshops, we strengthened the team's knowledge of financial oversight and audit readiness, providing for more effective financial guidance. 

• Process Improvements:
  We conducted an organizational assessment to identify gaps in financial processes and worked with the team to streamline their monthly financial reporting. 

• Hiring Support:
  As part of our strategic planning, we outlined the key roles needed for a future finance team, setting the stage for a smooth hiring process.

• Increased Financial Transparency and Decision-Making Confidence:
  The nonprofit team gained the knowledge and tools necessary to confidently interpret financial reports and make informed decisions that align with the organization’s mission and values.

• Streamlined Financial Reporting Processes:
  With improved financial processes, the organization was able to generate timely and accurate monthly financial reports, enabling them to have a clear picture of the organization’s financial health.

• Successful Audit Preparation and Risk Management Practices:
  With our support, they successfully prepared for their upcoming audit, implementing improved risk management practices that will help them maintain compliance and financial integrity.

• Positioned for Sustainable Growth:
  Armed with a clear understanding of financial governance and streamlined processes, the team is now well-equipped to lead the organization through its next phase of growth, with plans to strengthen their finance team and continue building on their successes.

Objectives:

• Refine Financial Processes
• Evaluate and improve financial workflows, including contract management, credit card processes, and reconciliation procedures.
  
  
• Strengthen collaboration between departments, ensuring seamless integration of financial processes.

• 2025 Strategic Goal Planning
• Develop clear financial and operational goals for 2025.
  
  
• Create actionable work plans to support the organization’s mission and strategic direction.

• Foster Team Collaboration
• Engage in virtual team-building exercises to reinforce trust and improve communication.
• Encourage contributions from each team member to expand their roles and impact on organizational success.

• Ensure Role Clarity
• Provide clear guidelines for each team member’s role and explore opportunities for enhanced contributions.

Agenda Highlights:

Day 1:

• Virtual Team Building & Process Review: The retreat opened with a virtual team-building activity that helped set a collaborative tone. Noelle led a discussion reviewing core financial processes, including auditor and broker relationships, compliance calendars, and tracking financial inflows. Interactive polls and breakout discussions kept participants engaged.

• Work Plan Development & Contract Management: We guided the group through a session on updating work plans and discussing cross-departmental collaboration. The team explored options for improving contract management and financial workflows, with a focus on implementing virtual credit card solutions and streamlined reconciliation processes.

• Grantee Management & Solo Reflection: We led a discussion on due diligence for specific funds, establishing limits, and improving grantee relationship management. The team ended the day with solo reflection time, during which participants were encouraged to brainstorm ideas for improving processes and contributing to the organization’s success.

Day 2:

• 2025 Strategic Goal Setting: Noelle facilitated a virtual session focused on aligning the finance team’s strategic goals for 2025. The discussion included setting measurable milestones, identifying challenges, and outlining opportunities for growth.

• Cross-Department Collaboration & Process Finalization: The team continued refining key processes and addressing ways to improve collaboration between departments. Virtual breakout rooms allowed team members to dive deeper into specific process improvements, while group discussions brought everyone back together to review and finalize updates.

• Closing Team Building Activity & Wrap-Up: The retreat ended with a virtual team-building exercise to reinforce collaboration and teamwork. The group reflected on the retreat's outcomes and discussed next steps, assigning responsibilities for implementing changes and following up on the action items identified.

Key Outcomes:

1. Refined Financial Processes:
   The virtual format did not hinder the team’s ability to refine and update critical financial processes. Improvements included enhanced contract workflows, more efficient credit card and reconciliation procedures, and clearer due diligence guidelines for specific funds.
   
   
2. Clear 2025 Goals:
   Despite the virtual environment, the team effectively aligned on 2025 financial goals, focusing on cross-departmental collaboration, revenue recognition, and improved financial accountability. Work Plans were created to support these strategic objectives.
   
   
3. Strengthened Team Collaboration:
   Virtual team-building activities helped foster collaboration, even across a digital divide. Each team member contributed actively to the discussions, leading to a stronger, more cohesive team dynamic.
   
   
4. Role Clarity & Expanded Contributions:
   Each participant gained clarity on their role and identified ways to expand their contributions to the organization. The virtual setting allowed for individual reflection and brainstorming on how to further support the organization’s mission.