For the past tw0 years I have had the honor and privilege of being the Chief Financial Officer (CFO) of a nonprofit. The organization is a 501(c)7 with annual gross receipts under $50,000.
I have learned a lot in these years about accounting, forecasting, budgeting, insurance, tax, credit, statistics, and reporting. In the beginning I relied heavily upon resources from preparing for my PHR and World at Works’s Accounting and Finance for the Human Resources Professional. I got to expand my experience in leadership, as the role was an Officer of the organization (reporting to the CEO and on the same level as the COO) as well as management as I had two “minions” that reported to me and assisted me with various items (one was keying data, the other with preparing taxes.)
In my tenure, I accomplished all of the goals I set those 26 months ago. Let me illustrate the situation when I started the role: 5 months before I took the role the former CFO was found to have (and admitted to) stealing funds from the organization. Due to on going investigations I can’t say much, but corporate counsel has stated I can share it was tens of thousands of dollars. The organization, being 100% volunteer run and operations financed 100% by donations this was a huge challenge to take on.
I am very happy to state that through my aforementioned skills (budgeting, etc) and working with a fantastic Executive team, I was able to repay nearly $10,000 in debt; build up a financial cushion of $10,000+; create reporting where previously there was none; documented the heck out of policies and procedures for a layman to understand and is also compliant with FASB standards. Repairing the trust of the organization donors was of paramount importance, to which I went to great lengths to improve transparency surrounding all financial matters. I reduced financial waste with the new procedures/policies saving the organization $1,000+ annually. My biggest accomplishment was playing forensic accountant and going through the previous three years of records to audit, amend taxes, and provide documentation towards the on going actions against the former CFO.
I am very proud of this accomplishment and experience. Like all good things, this is coming to an end. I have submitted my resignation. Being that it was a volunteer position (aka no pay) and it takes a lot of time (30-40 hour a week!) I feel I need to redirect my energy and time into that which pays me and being a more well rounded individual for better balance, grounding, and thus leave me able to offer more in what I do. I look forward to training my successor and ensuring that they are set up for success, so that the organization can also be successful.