A new post at the LANO member blog Finance Fundamentals points to some alarming statistics about the business acumen and money savvy of nonprofit leaders.
The [Indiana University] survey revealed a disconnect between the leaders' perceived level of financial knowledge and what they actually knew: Of the financial literacy questions asked of over 500 leaders, only 36% were able to answer all three questions correctly; however 76% of the respondents considered themselves to be knowledgeable in financial principles and concepts.
We shouldn't be as surprised by that finding as by respondents' stated priorities, objectives, board involvement, and the reported cash levels of nonprofits with up to $5M in revenue. Those findings were surprising indeed...
Learn what we found so surprising and troublesome. And then learn how to keep your organization from being yet another sad statistic!
Click here to read the full post.
Does your organization need strategic financial leadership? Contact Execute Now! at 877-504-0954to find out how we help nonprofits develop, analyze, and monitor forward-looking financial goals. Execute Now! is a LANO member benefit provider, a proud Corporate Member and the preferred provider of outsourced financial management expertise.