Financial and Strategic Management for Nonprofit Organizations, Fourth Edition

Chapter 18 Evaluating Old Targets and Setting New Ones

After the financial statements have been explored for financial information, decisions have to be made about how the organization will proceed. Should new financial objectives be set? What should be the new targets? With a good system of reporting information, the board of directors and managers of the nonprofit should have financial statements at regular intervals in addition to more granular supplementary information using today’s technology. On the basis of this information, financial goals and targets can be modified. These modifications feed right back into the system and, in this sense, financial management is a loop. And this is how some of what we have learned to this point can help: ...