Course Helps Nonprofit Board Members Review Financial Statements

A one-day training course will equip board members of local nonprofit organizations with the skills and confidence needed for reviewing their organization’s financial statements. “Take the Fear Out of Financial Statements,” an educational session on the responsibilities of financial oversight, will be held from 10 a.m. to 2:30 p.m. on Saturday, June 25, at the Community Foundation of Macon County office, 101 South Main Street, Suite 400. The $30 enrollment fee also includes materials and light refreshments.

The training course is facilitated by The Community Foundation of Macon County (CFMC) and taught by Nikki L. Garry, founder and owner of Your Money Matters, LLC. Garry is an adjunct instructor of accounting and finance at Millikin University. She also serves as Millikin’s Director of Campus Life for BIPOC Student Support.

“One of the most complex aspects of serving on a nonprofit board can be reviewing the organization’s financial reports,” says Natalie Beck, CFMC president. “Through this course, Nikki breaks down the financial information contained in board packets – while also making the course interesting and interactive. It’s not an exaggeration to say she removes the fear and puts some fun into fiduciary duties.”

“Like a roadmap, once you understand and can read financial statements they aren’t nearly as intimidating,” Garry says. “Financial statements are the pulse of every organization. And a healthy pulse indicates longevity for the organization.”

During the course, Garry will use local examples to walk through the ins and outs of typical financial board reports, including statements of financial position, activities, cash flow and functional expenses. Participants will also develop skills in basic nonprofit financial literacy, as well as how best to monitor an organization for financial health.

“This professional development opportunity is the next step in fulfilling a key priority in the Foundation’s current strategic plan to invest in enhancing the strength and sustainability of our local nonprofits,” Beck says. “Previously, we’ve partnered nonprofit leaders with fundraising coaches and offered them free workshops with guest speakers on a variety of topics. We've also seen great success with the first course in our Macon County Legacy nonprofit leadership collaborative -- “Introduction to Board Governance,” a course facilitated by Bruce Nims, a Decatur businessman and community leader. We hope this course will be just as helpful to our nonprofit board leaders.”

For more information about “Take the Fear Out of Financial Statements,” visit https://www.heartofillinois.org/take-the-fear-out-of-financial-statements.

To enroll, call 217.429.3000. Class size is limited to 18 participants.