Thursday, June 20, 2013

NPT Salary Report: High Salary Means Low Turnover

One of the keys to a successful nonprofit is being able to maintain a low turnover rate. That is, you must keep the talented employees at your organization for as long as possible. Not surprisingly, it turns out that paying your workers a competitive salary is one of the best ways to do this.

According to data from the 2012 Nonprofit Organizations Salary and Benefits Report, those positions receiving the highest annual pay and highest annual bonus pay also have the lowest turnover rates. The top 10 positions that have this distinction are:
  • Print Shop Manager -- 13.9 years
  • Artistic Director -- 13.8 years
  • Librarian -- 13.7 years
  • Chancellor/President -- 13.3 years
  • Chief Information Officer -- 12.5 years
  • Chief Administrative Officer -- 12.4 years
  • Building Manager -- 12.4 years
  • Mail Clerk -- 12.2 years
  • Director of Nursing -- 12.1 years
  • Executive Vice President -- 11.8 years
It's also no coincidence that a number of these positions also received high bonus pay. For instance, the Chancellor/President position had an 8.85 percent bonus pay rate, and the Executive Vice President was at 5.94 percent.

Of course, data changes every year and that's why The NonProfit Times is looking for more participants for the 2013 Nonprofit Salary and Benefits Survey. The completion date for the survey is June 28th and those who complete it will be entered for a chance to win an iPad Mini.

Complete the survey TODAY and help all nonprofits by providing them with imperative compensation data such as those detailed in this post.

Tuesday, June 18, 2013

Free Webinar: Turning Nonprofit Regulations Into Opportunities

UPDATE: The webinar is in two days but there is still time to register. Sign up today!

Nonprofit regulations are constantly changing and this year has been no different. From disclosure about credit worthiness to meeting the standards set forth by the Affordable Care Act (ACA) many nonprofit managers find themselves asking the following question: How do I ensure accountability and compliance in all facets of my financial management?

In our upcoming free webinar with Intacct Corporation, "Turning the Challenges of Meeting Nonprofit Regulations into Opportunities," you will get the answer to that question and many more. Joined by financial experts Jackie Tiso of JMT Consulting Group and Kirk Danilson of Intacct, this webinar will show how nonprofits can leverage their accounting systems to effectively meet and comply with ever evolving regulations and standards.

You will also learn:
  • What key new regulations and standards you need to worry about;
  • How to implement internal controls to ensure accountability;
  • How to provide transparency into NonProfit effectiveness to the donor community; and,
  • Why cloud financials makes accountability easier than ever with lower cost and increased ease of use.
Sign up for this free webinar today and turn the challenges of these regulations into opportunities to advance your nonprofit.

Monday, June 17, 2013

4 Important But Basic Financial Statements

Executives and board members alike generally don't get much joy from financial reporting. They would rather focus on how to best fulfill their organization's mission yet, in order for that to become a reality, the fact of the matter is that these sometimes tedious tasks are a necessary part of any nonprofit.

As Marci Thomas and Kim Strom-Gottfried explained in their book "The Best of Boards," all nonprofits have at least three or four financial statements that must be completed if the organization is to meet federal and state regulations. These statements, which must be read together to have a complete picture of the organization, were described by Thomas and Strom-Gottfried:

  • Statement of Financial Position: Also known as a balance sheet, this statement reports the organization’s assets, liabilities, and net assets at a specific point in time (usually at the end of the organization’s fiscal year).
  • Statement of Activities: This statement reports the results of operations (revenues and expenses) and change in net assets for the year.
  • Statement of Cash Flows: This statement provides information about the cash receipts and disbursements of the organization that result from operating activities, financing activities, and investing activities.
  • Statement of Functional Expenses: This statement provides information about the organization’s expenses by function and by natural classification.