Managing Your Money

1
Managing Your Money
2
Why does your organization need a money
management plan?

• To fulfill its purpose
• To control your finances and cash flow
• To maintain good relationships with your
  suppliers of goods and services
• To establish your credibility in the community
• To save you time and a great deal of worry
• To devote time to the actual purposes of your
  organization

3
What does the everyday management of your money
include?

• Systems
• Accounting
• Banking
• Money-handling
• Petty cash
• Payroll
• Payables and receivables
• Grants management
• Handling cash flow issues

4
What does the everyday management of your money
include?

• Decisions
• Computerizing your accounting
• Types of bank accounts
• What constitutes full-time employment
• Which bills and obligations to settle first

5
What issues are involved in being tax-exempt?

• Apply for state tax-exempt status
• Make sure that the correct forms are used when
  purchases are made
• Remove taxes that you've been paying on your
  phone, utilities, and any other regular payments
• Fill out tax forms
• Arrange and undergo a yearly audit

6
How do you handle cash flow?

• Try to anticipate when cash flow problems may
  occur
• Set your priorities beforehand
• Develop a cash flow contingency plan based on
  your priorities and the situation of your
  organization

7
What are some day-to-day money management issues?

• Shopping for goods and services
• Negotiating with funders
• Maintaining systems

8
What are some investment issues?

• A Certificate of Deposit
• A Money Market Account