On this episode of The Nonprofit Show, Shannon Poll, Director for the North Carolina market at YPTC, shares her expertise on nonprofit financial best practices. The audience gets a comprehensive look at how integrating financial best practices can empower a nonprofit to achieve its goals more effectively while encouraging nonprofit leaders to foster collaboration between finance and program teams which leads to a more well-rounded approach to financial management.

Shannon starts by addressing a common misconception that financial best practices are solely technical. She highlights the emotional and mission-driven aspects of financial stewardship in nonprofits, saying, “When we talk about best practices, we’re talking about making sure that you have stewardship over your nonprofit. There’s so much extra care and nonprofits that we need to take.” She speaks to the need for finance teams not only to possess technical skills but also to understand and support the organization’s mission, ensuring that financial decisions reflect the organization’s core values.

She also gives insight into other key areas such as internal controls, financial statement audits, and educating boards on fiduciary responsibilities. She stresses the necessity of transparency and communication within organizations, pointing out that finance teams need to communicate with other departments to ensure everyone understands the financial landscape, saying, “The more you empower people across the organization, the more efficient, educated, and cohesive your organization is going to be.”

Nonprofit’s Financial Best Practices from American Nonprofit Academy on Vimeo