Financial management is one of the most important and sensitive duties of an association. Although profitability is not the core purpose of a business association, it is necessary to ensure that the association is sustainable, properly funded, and accountable. NREAs need to ensure they have the adequate cash flow to support their operations and contribute to achieving their goals while demonstrating prudent management of their funds.
This module covers the basics of good financial management, namely: developing a financial strategy, financial documentation and reporting, budgeting, income generation, internal controls, and financial policies. This is geared towards enabling NREAs to manage their finances in an informed and competent way.
Tools and Resources:
- Training on Financial Management & Administration, 25/01/22 (online) by SPE | Recording
- ACE TAF NREA portal
- GOGLA, SPE, ARE – NREA Handbook “Part 5 Financial Management & Reporting”
- CIPE, Business Associations for the 21st Century
- SEQUA, BMO Toolbox
- OCASI, Financial Management Manual
- CPA Australia, Financial management of not-for-profit organisations
- CIVICUS, Financial Controls and Accountability
- Business Association Development Guidebook