nonprofit they serve. The mission for nonprofit organizations is key and board members must know and be obedient to the mission.
The 5 member HHV board is made up of John Meagher who is the chairman of the board and former trial Judge. Michael Lawson serves as treasurer of the board and is a former veteran affairs director who understands hospitalized veteran’s needs. Nora Egan has the title of director and has a background in human resource management. Dr. Keith Stuessi also has the title of director and is an expert in traumatic brain injuries. Lastly Clint Pearman serves as Secretary of the board and is a certified brain injury specialist. The HHV board is very diverse, but still has plenty of experience with the main mission of HHV which …show more content…
These donations can be contingent on other factors such as economic climate and other unforeseen factors. While relying on third parties for donations is common, cash positioning can help nonprofits survive changes in projected donations. Having the right amount of cash positioning can be difficult especially, considering that many board members are not skilled in nonprofit finance. Just like in all businesses the correct cash positioning changes from one nonprofit to another depending on differing factors. Some nonprofit organizations need to keep large amounts of cash liquid while some do not. A nonprofit board of directors must understand the nonprofit’s mission and how cash positioning impacts their ability to meet their mission.
One way a nonprofit can handle cash positioning and other financial issues is to hire a professional. While nonprofit board members are not paid, the managers and leaders of the nonprofit can be compensated. All of this must be done in partnership with the managers who are charged with the day to day operation of the nonprofit …show more content…
One way this can be accomplished is by using research that focuses on ideas to identify, gauge, and track the financial health of HHV (Young, 2007). Financial health looks different for every nonprofit firm. Financial health is much like any other health of an organization; it does not look the same from firm to firm. Of course, some of the basics are the same regardless of the type of nonprofit. Having enough cash to pay bills and how much cash that is varies with the size and mission of a nonprofit organization. A nonprofit’s financial health is composed of multiple factors. HHV’s new leaders must be able to look at the short term financial issues like cash flow, or changes in expected income sources and make financial decisions accordingly. In addition, leaders must look closely at what the future holds for the nonprofit in their charge (Bell & Schaffer, 2005). Just because a nonprofit had a good year does not mean they have a bright future, conversely just because a nonprofit struggled one year does not mean the future is bleak for that
The 5 member HHV board is made up of John Meagher who is the chairman of the board and former trial Judge. Michael Lawson serves as treasurer of the board and is a former veteran affairs director who understands hospitalized veteran’s needs. Nora Egan has the title of director and has a background in human resource management. Dr. Keith Stuessi also has the title of director and is an expert in traumatic brain injuries. Lastly Clint Pearman serves as Secretary of the board and is a certified brain injury specialist. The HHV board is very diverse, but still has plenty of experience with the main mission of HHV which …show more content…
These donations can be contingent on other factors such as economic climate and other unforeseen factors. While relying on third parties for donations is common, cash positioning can help nonprofits survive changes in projected donations. Having the right amount of cash positioning can be difficult especially, considering that many board members are not skilled in nonprofit finance. Just like in all businesses the correct cash positioning changes from one nonprofit to another depending on differing factors. Some nonprofit organizations need to keep large amounts of cash liquid while some do not. A nonprofit board of directors must understand the nonprofit’s mission and how cash positioning impacts their ability to meet their mission.
One way a nonprofit can handle cash positioning and other financial issues is to hire a professional. While nonprofit board members are not paid, the managers and leaders of the nonprofit can be compensated. All of this must be done in partnership with the managers who are charged with the day to day operation of the nonprofit …show more content…
One way this can be accomplished is by using research that focuses on ideas to identify, gauge, and track the financial health of HHV (Young, 2007). Financial health looks different for every nonprofit firm. Financial health is much like any other health of an organization; it does not look the same from firm to firm. Of course, some of the basics are the same regardless of the type of nonprofit. Having enough cash to pay bills and how much cash that is varies with the size and mission of a nonprofit organization. A nonprofit’s financial health is composed of multiple factors. HHV’s new leaders must be able to look at the short term financial issues like cash flow, or changes in expected income sources and make financial decisions accordingly. In addition, leaders must look closely at what the future holds for the nonprofit in their charge (Bell & Schaffer, 2005). Just because a nonprofit had a good year does not mean they have a bright future, conversely just because a nonprofit struggled one year does not mean the future is bleak for that