*Members: See Member Learning Library for additional resources and codes (must be logged into website). View Financial Management - Member Library

Nonprofit organizations bear the responsibility of conscientiously managing their financial resources. It is imperative for them to adhere to legal and financial regulations, employing sound accounting principles to generate trustworthy financial information, thereby ensuring fiscal responsibility, and fostering public trust. Nonprofits should utilize their financial resources in effective and efficient ways to fulfill their missions. Establishing transparent policies and practices for consistent monitoring of fund utilization is crucial. Furthermore, nonprofits should strive to uphold a sustainable business model to support the organization's mission. 

The chief executive drafts an annual budget. The board should thoroughly review the draft budget, taking the time to comprehend the assumptions underlying its development. Once reviewed and adjusted if needed, the board approves the budget. 

Those accountable for an organization's financial reporting should consistently create and present accurate and timely financial reports to the board, at least bimonthly, accompanied by comparisons to the organization's budget. 

Nonprofit organizations should adopt written financial procedures and have appropriate financial management software to record revenues and govern major expenses and use of assets. To minimize the risk of theft, fraud, or inaccurate reporting, a nonprofit must establish a system of checks and balances by segregating financial duties. This internal control system should be formally adopted by the board and tailored to the organization's size in terms of financial and human resources. 

A nonprofit must comply with all legally required reporting procedures, including filing the relevant version of the IRS Form 990. The organization’s board should be provided with a copy of the completed IRS Form 990 before it is submitted. A nonprofit organization must make their IRS 990 available to those who request it. 

Nonprofit organizations must comply with all financial regulations, such as withholding and payment of federal, state and Social Security taxes, and manage donated funds according to their restrictions.   

Financial Management Training  

The Wyoming Nonprofit Network provides finance basics training through a license with the Nonprofit Learning Center. Let’s Talk Money: Nonprofit Finance Basics, an online training program, is offered to members free of charge. We highly recommend that those in leadership roles and board members complete this training. Members: see Member Learning Library for link to training.  

In September 2024, we will be offering an in-person workshop “Financial Strategy and Leadership for Nonprofits”. The goal of this workshop is to strengthen the financial capacity of Wyoming nonprofits. It will focus on practical lessons on financial strategy to help nonprofit leaders know how to think about finance from a big-picture perspective and use this information to advance their mission. We highly recommend you complete the online training, Let’s Talk Money: Nonprofit Finance Basics, prior to attending this workshop. More information coming soon on this workshop. 

QuickBooks Made Easy for Nonprofits 

A 3-day webinar series (2.5 hours per day) teaching seven and a half hours of vital QuickBooks information specifically for non-profit organizations. From basic topics such as Setting Up Correct Accounts; Entering Your Programs; and Adding Your Annual Budget to more advanced topics such as Entering Donations and Grants; Essential Reports for the Board/Auditor; and Printing Personalized Donor Thank You Letters Directly from QuickBooks. This online webinar series is offered two times per year. WNN members receive a discount. In 2024, the training will be in June and November.