Financial Management

When you are running a nonprofit, financial management is a vital - and sometimes overwhelming - responsibility. There are roles and responsibilities to determine, controls to put in place, policies to create, and budgets to prepare and follow.

The size of your organization may affect the resources you have available for financial management. A large nonprofit might have a finance team while a smaller nonprofit may have an individual who has many other responsibilities. No matter the size of your organization, the board and staff have distinct and important roles in financial management.

Check out the financial management services, videos, and resources below.

Video: Budgeting: Roles of the Board, Treasurer, and Bookkeeper (5:44) 

Video: Budgeting:What Financial Information Does the Board Need? (9:48) 

Video: Budgeting: Internal Controls: Purposes and Types (11:34) 

Video: Budgeting as a Financial Control (2:01) 

Get Help with Financial Management

IntegralOrg has a range of custom services that can help your nonprofit develop effective financial management processes.

Free Consultation or Financial Clinic

Consultation: If you have a question about financial management of your nonprofit, we are happy to offer our expertise through a free consultation. For example, you may want ideas or advice on budgeting, GST, internal and external controls, or financial reporting.

To arrange a consultation, give us a call at 403-910-7279, connect by email, or use the Contact Us form and we will arrange a phone or virtual meeting with a member of our team.

Organizational Development Services

If you have a need for in-depth solutions IntegralOrg can work directly with your nonprofit. We work alongside your organization, through customized supports that assist you on your journey as a nonprofit. Please contact us at 403-910-7279 or connect by email. Organizational development is undertaken on a fee-for-service basis. 

Review of Organizational Financial Management

A complete review of the financial area of your organization including governance and policies, administration, systems (including review of software currently in use), controls, and procedures. This  includes CRA compliance with respect to the financial reporting (T3010) and tax receipting.  

Financial Reporting Review

Financial reporting can be complex. The Canada Revenue Agency (CRA) requires all nonprofits to submit an annual filing that includes financial information. Exactly what needs to be submitted is determined by the legislation your organization is formed under.

Specifically, a nonprofit that is not a registered charity and has assets over $200,000 or receives certain investment income over $10,000 must file Form T1044 annually. If nonprofit is incorporated but not a registered charity, it must file a T2 Corporate Tax Return annually. A nonprofit that is a registered charity must file Form T3010.

IntegralOrg can assist your organization via a review of your policies, systems, and processes related to required CRA reporting.

Audit Preparation Review

Some nonprofit organization are required to submit audited financial statements. An audit is a systematic and independent examination of an organization's books and accounts to determine if financial statements are a true representation of financial position. IntegralOrg can assist your organization with a review of your processes, systems, and board and leadership roles and responsibilities of an audit.

Upcoming Events

Preparing for Your Audit
Wednesday, February 8, 2023, 1-2:30pm

$30 (or $40 for two tickets)

Nonprofit and charities are under more scrutiny than ever before. Every stakeholder – from grantors and board members to the public media – expects nonprofit and charitable organizations to uphold their mission in a financially responsible way.

Not sure if your organization needs an audit? Check out the short video below in which instructor Stella Panner provides a brief introduction to audits.

You will learn from an accountant with decades of nonprofit and teaching experience about the ins and outs of the auditing process with added time for any participant questions. This webinar is suitable for anyone who has a hand in your organization’s finances: senior leadership or board and audit committee members. During the session, we'll discuss such topics as:

  • Differing role(s) in the audit process: the auditor, the board or finance committee and management
  • What to expect ahead of, during, and after the audit and the typical timeline from start to finish
  • Why does the auditor ask so many questions?
  • Is there anything we can do to improve the efficiency of the process and help keep fees reasonable?

Bring a colleague and receive a discount! Pay $40 for two tickets using the following code at checkout: TWO4FORTY.

 REGISTER

A Brief Introduction to Audits for Nonprofits

You will hear from our content expert Stella Penner, FCPA, FCGA, CA who has decades of experience providing financial reporting support to charities and nonprofits directly and as a full-time instructor in financial and management accounting, audit, finance, and organizational design and analysis at universities and colleges in Edmonton and Calgary.

Learn about Financial Management

INTRO to Finance: The controls and policies every nonprofit needs


This workshop provides an overview of the basics of financial responsibilities, controls, and policies that every nonprofit should know about.

Some of the topics included are: the respective roles of the board, the treasurer and the bookkeeper or accountant; financial information that a board typically need to make informed financial decisions; purpose of “internal control” and some key controls we can put in place; and budgeting related to internal controls. Watch the video.

Financial Management Workshops

IntegralOrg offers workshops on nonprofit finance  and other topics important to nonprofits including INTEGRALIntro introductory workshops.

 

Resources

A Guide to Financial Statements of Not-for-Profit Organizations: Questions for Directors: Chartered Professional Accountants of Canada

Annual Returns for Corporations, Cooperatives, and Organizations: Government of Alberta.

Not-for-profit Audit Committee Guidebook: Grant Thornton