As an accountant working with associations, one question I’ve been asked is, “What is the difference between management accounting and financial accounting?” These are two distinctly different areas of accounting, and if you didn’t study accounting, this is probably something you were not aware of. Up until 2016, these [...]
Most associations have a strategic plan that guides the association in the execution of the vision and mission of the association. Having a strategic plan helps to place the association in the category of being a high-performing association. Characteristics of a high performing association are: The vision and mission [...]
As the accounting manager of an association management company, one challenge that I have encountered is that most volunteer association board members do not have a diverse accounting knowledge or background. Most people have an idea of how to manage their personal finances, but this is likely being done [...]
As an association management company, we deal with many associations. Having worked in the association management industry for nearly twenty years, I’ve realized that how an association conducts business comes down to what is written in the by-laws. By-laws are the written rules and regulations for an association directing [...]
Member retention is an important area of focus for every association. Ensuring that your members are receiving value for their membership is a key to retaining existing members and recruiting new members. Many times, this means that the association should be identifying changing needs of members and introducing a [...]
The purpose of this article is to help board members who do not have financial experience understand their organization’s financial reporting and their personal responsibilities associated with that. Responsibilities of Board Members A recent quote in Trustee Magazine did a nice job of explaining the connection between financial reporting [...]
