Using Financial Forecasting to Promote Financial Security
Forecasting or projecting cash flow, is a critical element in nonprofit financial management. How can you be expected to make sound management decisions without an accurate, current forecast of forthcoming cash inflows, expenditures, and the resulting cash position? This class, presented by a nonprofit accounting expert, will guide you through the process of reliable financial forecasting.
Forecasting aims to reduce the risks involved in making programming, service, staffing, facilities and operational decisions (basically anything that involves money) by putting forth a future business scenario for your organization that is rooted in fact and developed using sound forecasting principles. Based on this forecast, the organization can effectively plan its programs and services as well as the budgetary allocations for each activity. Skilled financial forecasting allows you to plan for a future that may include both good and bad economic times. This class will explore both qualitative and quantitative forecasting techniques to look at both historical data to predict future trends, and also how to employ judgment to enable better informed choices and decisions about asset and liability management, cash flow, and other key factors that dramatically impact your organization now and in the future.
If you’re tired of having to rely on your gut to make financial projections, this session will take you through the elements that go into creating useful, realistic financial forecasts on which management and board can rely, taking the guesswork out of projections and creating a more stable financial foundation.
Date: November 01st, 2013
Address: Land Title Building 100 S. Broad St.
Philadelphia, PA 19110
John J. Nihill, CPA, is a Director and the Nonprofit Practice Area Leader at Elko & Associates Ltd. John has built a reputation for excellence in his 30 years of experience in the accounting industry, and has dedicated a significant portion of his career to providing accounting and audit services to tax-exempt organizations. Before joining Elko, John worked for Deloitte where he progressed from staff accountant to senior manager in the audit department. As a result of John’s commitment to helping others, he engages in educational activities, including speaking engagements for current and prospective clients in the industry. Outside of the