Financial Management for Nonprofits

Excellence is almost always the aim of any nonprofit. Achieving excellence requires sound planning, marketing, and production. But these areas of performance can be weak and the nonprofit still survive—unless it finally fails to pay its bills. Solvency—the management of cash flow—is the one absolute requirement for survival—and excellence.     This workbook offers the nonprofit manager a self-study program of readings, case studies, practical analytical problems, and bookkeeping.   The book is adapted from materials prepared by James Babcock for the finance course in an experimental Arts Management program offered in 1995 by the Center for Global Business and Executive Education at Old Dominion University in Norfolk, Virginia. Mr. Babcock holds an MBA degree from the Wharton School of the University of Pennsylvania and is the retired Chairman and CEO of First Virginia Bank of Hampton Roads. He has served as a board member and chairman of a number of nonprofits, including Old Dominion University, Virginia Symphony, Virginia Maritime Heritage Association, WHRO Public Radio/TV, Hampton Roads Chamber of Commerce, and others. His practical advice is based on his experiences both in banking and with these community organizations.