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Cash & Investment Management for Nonprofit Organizations

ISBN: 978-0-471-74165-7
456 pages
April 2007
Cash & Investment Management for Nonprofit Organizations (0471741655) cover image

Description

The book every nonprofit financial officer needs

Relevant for both large and small nonprofit organizations, Cash & Investment Management for Nonprofit Organizations effectively brings practical clarity to a potentially complicated topic, and explains how to use the best available methods and tools to help your organization achieve and maintain financial strength. This must-have book equips readers with a road map toward sound financial structure and strong internal controls, expertly offering helpful advice on everything financial officers need to know, including:
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Knowing the appropriate financial target for your organization
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The measures you can use to monitor and manage your organization's liquidity
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Preserving your organization's financial integrity through internal controls
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How to tap sources of cash to improve your cash flow
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Making the most of your greatest potential ally in managing cash--your banking partner
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Mobilizing and controlling cash
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Disbursing cash efficiently while averting fraud
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Harnessing information technology (IT) to better accomplish cash and investment management
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Investing policies and practices for cash reserves
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Investing policies and practices for endowments and other long-term investment purposes

Written by financial professionals for financial professionals, Cash & Investment Management for Nonprofit Organizations provides essential tips and proven financial methods for improving and benchmarking your organization's practices. Discover how to become more effective in keeping your nonprofit financially healthy with the techniques and tools in Cash & Investment Management for Nonprofit Organizations.
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Table of Contents

About the Authors.

Acknowledgments.

Preface.

CHAPTER 1: CASH FLOW AND YOUR CASH POSITION.

1.1 Life in the Nonprofit Finance Office.

1.2 Target Liquidity as the Primary Financial Objective.

1.3 Setting Your Liquidity Target.

1.4 How Do Proficient Cash Management and Investment Management Enable Your Organization to Achieve Its Liquidity Target?

1.5 Summary.

CHAPTER 2: CASH PLANNING AND LIQUIDITY.

2.1 Cash Flow Characteristics of Nonprofits.

2.2 Cash Shortfalls and What to Do about Them.

2.3 Tiers of Liquidity and the Spectrum of Liquidity.

2.4 Measuring and Managing Solvency, Liquidity, and Financial Flexibility.

2.5 Managing Cash Flow.

2.6 Cash Budgeting.

2.7 Summary.

CHAPTER 3: CASH COLLECTIONS AND POSITIONING.

3.1 Introduction.

3.2 Objectives of Cash Collections and Positioning Systems.

3.3 Front End of Collections: Receivables Management.

3.4 U.S. Payments System.

3.5 Expediting Check Collections.

3.6 Accepting Card Payments.

3.7 Accepting Electronic Payments.

3.8 Comparison of Alternative Collection Systems.

3.9 Cash Positioning.

3.10 International Cash Collections and Concentration.

3.11 Fraud Issues.

3.12 Imaging.

3.13 Benchmarking and Outsourcing.

CHAPTER 4: CASH DISBURSEMENTS.

4.1 Introduction.

4.2 Objectives of Cash Disbursements Systems.

4.3 Disbursements Policy.

4.4 Checks and Drafts.

4.5 Purchasing/Procurement Cards.

4.6 Other Electronic Payments.

4.7 Comparison of Alternative Disbursement Systems.

4.8 Establishing Your Banking Network: Products and Services to Consider.

4.9 Fraud Prevention and Internal Control.

4.10 International Cash Disbursements.

4.11 Imaging.

4.12 Outsourcing Disbursements or Payables.

4.13 Summary.

CHAPTER 5: BANKING RELATIONSHIP MANAGEMENT.

5.1 Introduction.

5.2 Objectives for Your Banking Relationship.

5.3 Communicating with Your Bank.

5.4 Services Provided by Banks.

5.5 Depository Services and the Availability Schedule.

5.6 Bank Selection.

5.7 Managing Bank Relationships.

5.8 Nonbank Service Providers.

5.9 Information Services.

5.10 Banking Globally.

5.11 Bank Report Cards.

5.12 Cash Management Audits.

5.13 Summary.

CHAPTER 6: DEBT MANAGEMENT.

6.1 Introduction.

6.2 Objectives of Debt Management.

6.3 Debt Policy.

6.4 Short-Term Borrowing.

6.5 How a Bank Views a Nonprofit Borrowing Request.

6.6 Debt Management Metrics and Benchmarks.

6.7 Summary.

CHAPTER 7: INVESTING PRINCIPLES AND PROCEDURES FOR
OPERATING AND STRATEGIC RESERVES.

7.1 Introduction.

7.2 Managing Liquidity Funds and Optimizing Return on Excess Short-Term Working Capital.

7.3 Criteria for Investing.

7.4 Investor or Speculator?

7.5 Standard Operating Investment Procedures.

7.6 Investment Operations: An Introduction.

7.7 Introduction to Yield Analysis.

7.8 Yield Curve Analysis.

7.9 Yield Spread Analysis.

7.10 Price Movement of Fixed-Income Securities.

7.11 Effect of Changing Interest Rates on Longer Maturities.

7.12 Summary of Yield Curves.

7.13 Fixed-Income Investment Instruments: An Introduction.

7.14 U.S. Treasury Securities.

7.15 U.S. Government Agency Securities.

7.16 Municipal Debt Instruments.

7.17 Corporate Debt Instruments.

7.18 Money Market Instruments Issued by Banks and Investment Companies.

7.19 Repurchase Agreements.

7.20 Summary.

CHAPTER 8: INVESTING PRINCIPLES AND PROCEDURES FOR
ENDOWMENT, SELF-INSURANCE, AND PENSIONS.

8.1 Introduction.

8.2 Endowment Management.

8.3 Characteristics of Endowment.

8.4 Endowment Investment.

8.5 Principles of Endowment Management.

8.6 Endowment Spending Policy.

8.7 Self-Insurance and Pensions.

8.8 Investment Advisors.

8.9 Summary.

Index.

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Author Information

John Zietlow is Professor of Finance at Malone College and a Certified Treasury Professional (CTP). He is a member of the Financial Management Association, the Association for Financial Professionals, the Association for Research on Nonprofit Organizations and Voluntary Action (ARNOVA), and the Financial Education Association. He has conducted cash management training for the Association?of Financial Professionals, served as a consultant and trainer for the Investment Management Consultants Association, is coauthor of Short-Term Financial Management, Third Edition, and has written dozens of articles and academic presentations on financial topics. With Jo Ann Hankin and Alan Seidner, he is also coauthor of Financial Management for Nonprofit Organizations: Policies and Practices (Wiley).

Alan G. Seidner is the founder of Seidner & Company of Pasadena, California, an investment management and consulting firm with a roster of high net-worth investors, healthcare organizations, major corporations, non-profit institutions, and municipalities. He has authored many financial reference works, frequently speaks on investment techniques and strategies, and has also provided testimony before federal government agencies on the performance of pension fund investments. With Jo Ann Hankin and John Zietlow, he is also coauthor of Financial Management for Nonprofit Organizations: Policies and Practices (Wiley).

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