Create a 10 page essay paper that discusses Financial Management in Nonprofit Organizations.
Solid financial management obligates the organization to take part in long-term strategic planning as well as short-term operations planning and should become part of the organizations continuous process of planning.
A solid financial management is important in assisting organizations to ensure they use their resources in an effective and efficient manner in order to achieve and fulfill the commitments that have been identified by the stakeholders. It also assists the organization to have more accountability to its donor, as well as well as other stakeholders, which will increase the respect and confidence of the agencies that fund it, its partners along with its beneficiaries. Lastly, it can assist the organization to gain a competitive advantage in regards to increasingly scarce resources, which will be important when preparing for long-term financial sustainability.