If you serve on a nonprofit board, you’ve probably seen those fellow members who look like a deer in the headlights when presented with financial statements. Maybe that’s even you. While everyone is recruited to serve because of a unique skill set, it’s important for all board members to understand the financial statements presented to them.
As best practices and BoardSource tell us, providing oversight is one of the board’s three key roles. This includes maintaining financial accountability of their organizations. Board members are trustees of their organization’s assets and must ensure the organization is well managed. Financial statements show whether this is the case. Read the entire article here at www/boardsource.org. 3/29/2017 08:24:08 pm
Financial Statements don't always go as planned and this has been the case on many occasions. I had to overcome my fear in this to reign success, and I got the courage through here alone. Thanks guys. 5/21/2017 09:20:45 pm
I am taking up a vocational course in business management and making financial statements is part of it. It is not easy at first because the amounts and entries are confusing. The statement should be balanced together with the income statement, cash flow statement, statement of changes in equity and many more. Patience and analyzation skills are required. Advance mathematics is not necessary because only simple math is required like addition, subtraction, division and multiplication. Board takers are afraid of the Financial Statement part of the exam because of the pressure and the level of difficulty of making the statement. Comments are closed.
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