What are the Fundamentals of an NGO’s Financial Management

Imagine running the finances of an NGO is like trying to manage a group of kindergartners at a candy store. You’ve got to keep track of every candy bar (funds) and make sure none are "accidentally" consumed without permission (fraud prevention). Meanwhile, budgeting is like promising to buy snacks for the party without knowing if you’ll have enough allowance left. Grant management? That’s like getting gift cards from relatives with specific instructions on how to spend each one, but first, you need to decode their handwriting. Oh, and internal controls are your way of installing security cameras in the candy store to make sure no sneaky hands are reaching where they shouldn't. Donor accountability is essentially sending thank-you notes to all the parents (donors) to let them know their contributions didn’t end up as chocolate smears on the walls. Ultimately, managing an NGO’s finances is about juggling various tasks while ensuring nothing gets sticky and everything remains in tact. This article emphasizes the value of sound Financial Management for NGOs. Click here to read more.