New Fiscal Year, Now What? A Fresh Start for Your Nonprofit’s Finances
New Fiscal Year, Now What? A Fresh Start for Your Nonprofit’s Finances For many nonprofits, July 1 marks the start of a new fiscal year—a perfect opportunity to reflect, reset, and refocus your financial operations. Whether you're a seasoned executive director or a first-time treasurer, here are key steps your organization should take now to set the tone for a successful year ahead. 1. Close the Books on Last Year Before diving into new initiatives, be sure last year’s financials are finalized. That includes: Reconciling all accounts (bank, credit cards, grants, etc.) Reviewing all income and expense entries for accuracy Preparing reports for the board and stakeholders Archiving key financial documents If you're working with an accountant, now's the time to connect and make sure everything is wrapped up properly. 2. Kick Off with a Fresh Budget Your new budget should be more than a spreadsheet—it should be a roadmap. Review your budget in detail: Are the pr...