Financial Management Process Re-engineered

The Problem

The first five years of any organization require focus on shear survival. With that success, key processes need to be reviewed to be sure they will support the company going forward.

This not-for-profit organization had met its service and financial needs for its first critical five-year period.

New funding sources and financial information were needed now to allow it to grow and serve the community more effectively.

The Solution

Carolyn Picciotti designed and implemented a financial management and reporting process to meet the organization's needs:

• Budgeting process was introduced

• Routine financial reports were prepared for Executive Director and Board review, including revenue and expense details

• Reserve revenues were placed into selected interest-bearing accounts to provide more income to fulfill its mission

The Result

• Financial management and results improved by 15%
  

• Executive Director and Board made informed financial decisions throughout the fiscal year

Next Process