Financial Assessments

NSP offers several forms of financial assessments to help your organization:

Standard Financial Management Assessment

Each participating agency is paired with a consultant, free of charge, to conduct a review of its financial management systems and generate a list of recommendations for improvement. The areas reviewed by the consultant include:

Accounting systems: Software, chart of accounts, policies and procedures

Staffing: Job descriptions, segregation of duties

Management practices: Internal controls, budgeting, financial reporting

Financial condition: Cash flow, working capital, investments

Agencies with operating budgets between $300,000 and $8 million are eligible to participate.

Nonprofit Business Analyses (NBA)

Conducted by the Nonprofit Finance Fund, the Nonprofit Business Analysis (NBA) is an in-depth analysis of an organization's financial health, strengths, and weaknesses over a multi-year period. It provides executives and board members with guidance on ways to balance financial management with mission-driven priorities, helping to connect financial decision-making with nonprofit success.

The NBA reveals key trends and indicators that comprehensively reflect year-over-year financial performance and financial health. The NBA is ideal for organizations considering or experiencing significant change, such as a capital project, change in leadership, financial or fundraising challenges and program expansion.

Consultations

Agencies, particularly those with budgets under $100,000, can contact NSP staff for a preliminary consultation to help with basic financial issues that can generally be resolved in less than one-half day. This free service may address issues such as overall financial management, internal financial controls, annual budget processes, audit preparation and financial statements. For more information, please contact Amy Studwell at 860-548-1888 ext 1040 or astudwell@hfpg.org.