Our Finance and Management programme is designed to fast-track the careers of graduates from non-finance backgrounds who want to work in financial management for commercial and non-commercial organisations. Since the profit maximisation criteria cannot be applied in real world situations because of its technical limitation the finance manager of a company has to ensure that his decisions are such that the market value of the shares of the company is maximum in the long run. This study examines a Wallace Foundation-sponsored initiative aimed at improving the financial management skills and practices of 25 Chicago after-school providers through training and coaching. To the contrary, good financial management is essential to effective youth interventions.
Second, good financial management means organizations can deploy their resources thoughtfully. It enables them to predict the impact of changing circumstances, such as funding delays or shortfalls, and respond to them while managing their effect on program quality. This report examines what happened to a group of organizations that attempted to strengthen their financial management systems from 2009 to 2013.
Staff members with less than optimal financial management skills, understaffed financial departments, and underdeveloped information technology (IT) systems created inefficiencies in routine tasks. A lack of transparency regarding organizations’ financial positions, and an absence of useful forecasts, meant leaders often could not make informed choices about program and organizational needs.
Third, in order to develop accurate, realistic budgets, an organization must calculate not only the costs directly linked to the delivery of program services (such as equipment and program staff salaries) but also the overhead costs of running the organization itself. Lastly, to make appropriate financial decisions, organizational leaders need information not only from financial staff members but also from program managers and others. The financial management practices of nearly all of the participating organizations improved over the course of the initiative. The mission of the program is to grow and strengthen Oklahoma youth mentoring programs.
Its aim was to identify barriers to effective financial management and set priorities among them, develop principles to guide decisions, develop and implement practical solutions to improve the way funders manage contracts, and build momentum for wider reforms in Illinois. According to organizations’ leaders and senior staff members, better financial practices led to better program planning and management, and to improved organizational stability. Executives and senior staff members reported a range of benefits from better financial management that directly affected their ability to pay for and deliver high quality services.