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Assessing Your Program's Financial Health
December 19, 2019
To avoid criticism, do nothing, say nothing, be nothing.
-Elbert Hubbard
-Elbert Hubbard
Mary Brower and Theresa Sull, writing in Managing Money (an Art of Leadership book), offers six warning signs of poor financial health. They urge paying attention to all of these symptoms and taking prompt action if any of these are true in your program:
- “Payments of families’ fees are past due.
- Enrollment is below capacity.
- Reporting deadlines are not met for requests for reimbursement.
- Fundraisers cost more than they earn.
- Bills are not paid on time.
- Bookkeeping uses too much of the director’s time.”
The authors provide a number of strategies for addressing these issues, but urge, first and foremost, that leaders make a point to never ignore any of these symptoms if they are present.
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ExchangeEveryDay is the official electronic newsletter for Exchange Press. It is delivered five days a week containing news stories, success stories, solutions, trend reports, and much more.
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