Financial Assessment and Planning Workshop

Written By Cheyenne Vavrina

Nonprofits Assistance Fund Offers Financial Assessment and Planning Workshop

 The Arrowhead Regional Arts Council is hosting a workshop designed to help small arts organizations in the Arrowhead Region with financial assessment and planning. The workshop will be conducted by the Nonprofits Assistance Fund, a Minneapolis based organization dedicated to helping nonprofit organizations thrive. The workshop is being held in the Commons Room at the Marshall Professional Building, 1301 Rice Lake Road, Duluth, on Tuesday, May 5th from 1pm to 4pm. The workshop is free of charge and mileage assistance will be provided to individuals traveling more than 50 miles, one way, to attend. Space is limited so please RSVP by Monday, May 4th, 2015, by emailing info@aracouncil.org.

The workshop, Financial Assessment and Planning for Small Arts Organizations, is designed to teach small arts organizations how to use financial assessment and planning tools to aid them in their decision-making. You will learn how to read and interpret the tools at your disposal to get the most from them. At this interactive training, the Nonprofits Assistance Fund will teach attendees to:

  • Read key financial reports including the balance sheet and income statement

  • Understand the accounting rules governing restricted funds

  • Clarify financial roles and responsibilities

  • Use trends to get a picture of your organization’s future

  • Recognize the components of business models in your organization and how they work together

  • Communicate your financial position in a way that accurately tells your organization’s story

This training will utilize reports from the Cultural Data Project (CDP) to demonstrate these financial concepts. If you participate in the Cultural Data Project, please bring copies of your trend reports with 2-3 years of data:

  • Unrestricted Activity trend report

  • Balance Sheet trend report

  • Program Activity trend report

It’s fine if your organization doesn’t have Cultural Data Project reports. The Nonprofits Assistance Fund presenters will provide an example to work with during the training. If you do participate in Cultural Data Project but need help generating reports, call the CDP helpdesk: 1-877-707-3282.

Cheyenne Vavrina
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