Financial sustainability is one of the most critical aspects of an organizations’ success. When an organization is able to understand their flow of revenue generation, cause of revenue loss, provide and implement sound strategic planning and is able to produce multiple streams of revenue, this then aids the organization in the process of securing and/or obtaining financial sustainability. Being able to identify trends and forecast for the known and unknown assist in this process as well. Financial sustainability is directly impacted by the organizations financial capacity. This is the recourses used to support the organizations possible opportunities and their ability to respond to unexpected issues.
This process is normally divided into short and long-term steps, strategically assigned to the leaders within, which is often based on their individual abilities. This allows the organization the ability to quantify their successes and/or financial strength based on the change rate in each of the organizations periods of capacity (Bowman, 2011). Over the last ten weeks, this course has enlightened student learners on the topic of finance administration and various aspect of the budgeting process. This course has tasked students to think outside the normal rim of money management, to better understand the implication of financial planning, assessing financial conditions and being able to use trend methods to predict and aid in the financial budgeting process.
Mission & Vision:
For my final assignment I have decided to refer to and use a nonprofit organization in the state of Maryland. EPIC, is an organization that has been in existence since 1985. EPIC stands for Empowering People with Intellectual Challenges. This o...
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...care for the individuals being supported (2014). EPIC’s executive team meets regularly to assess and analysis the effectiveness and efficiency of our internal processes.
To date, EPIC uses the ADP payroll system which allows real time staff tracking and accountability. Although there was a longer then expected learning curve for our new systems; to date our leadership team is able to complete their departmental time approval process remotely whereas just less than two years ago each leader who supervised would have to be on site and manually approve, correct and/or reject each employees time worked. New systems/technologies allows EPIC to have real auditing tools which allows department leaders to see where funds are being allocated, monies are being wasted and/or were monies are needed without having to participate in the long hand budgeting process of the past.
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