02/14/2022

Better Budget Smarts for Boards

Assist your volunteer leaders in making budget-savvy decisions

As chief financial officer of the New Jersey Society of Certified Public Accountants (NJCPA), Gordon Smith knows he’ll be interacting with board members who understand numbers. But he still approaches sharing budget information with the board carefully.

"Their finance and accounting knowledge is second to none, but they may not be too knowledgeable about association finance," Smith said.

Smith, like a lot of association finance pros, addresses that issue by taking a multilayered approach to preparing budget presentations. NJCPA’s finance committee—and the treasurer in particular—works with him to develop a complete budget. From there, the full board gets an executive summary with “the really high-level points that, from a leadership perspective, indicate what’s really driving the budget.”

Please select this link to read the complete article from Associations Now.