Full Cost Recovery & Fund Accounting for Charities Seminar
PLAN, MANAGE, AND FORECAST YOUR BUDGETS
From managing a charity's financial resources for long-term sustainability to compliance, disclosure and transparency, learn how to develop a comprehensive action plan to address accounting gaps in your charity.
Dates & Times
8 & 9 Feb 2023
Day 1: 9AM to 5PM, Day 2: 1PM to 5PM
Venue: Online via Zoom
Led by Dr Isabel Sim, editor of the series of Accounting and Finance Handbooks for Charities, and lead author for Accounting for Good – Helping Charities Do Good Better, a project in collaboration with NUS and ISCA.
Understand your charity's long-term financial needs and break the 'starvation cycle' that charities face.
Develop a plan of action that you can bring back to your charity after two days.
Pre-approved VCF funding of up to 80% available for charities.
ABOUT THE SEMINAR
The COVID-19 battered economy has led to a fall in donations as citizens and businesses alike shift their immediate concerns to personal livelihoods and economic survival. How do you ensure sustainable operations during these difficult times? To preserve public trust, charities are held to high standards of accountability and transparency. How do you ensure accountability to your stakeholders?
Therefore, charities' governance and financial stewardship are necessary for charities to manage their financial resources while preserving public trust strategically. Only when the charity's board, management and finance staff work closely together to ensure proper governance, compliance and processes will they then be able to survive and thrive in this economic environment.
The seminar will shed light on 5 fundamental questions that all board members and senior management must ask to understand the importance of financial management for charities:
Do we have the right size, right team, and right resources for our charity to succeed in its mission?
Are we applying fund accounting and full cost recovery accounting best practices to not fall into the 'starvation cycle'?
Where are we underinvesting, and what are our risks in underinvesting in these areas?
Do our reserves and investment meet the long-term needs of our beneficiaries and not just our organisational budget?
Is our annual report just beautiful pictures and stories? Does it give a full and accurate reflection of our charity’s work?
This seminar is part of the two-part Governance and Financial Stewardship for Charities seminar series in collaboration with Usha Menon Management Consultancy.
WHAT YOU WILL LEARN
By the end of the seminar, participants will be able to:
Understand your charity’s long-term financial needs. Incorporate fund accounting and full cost recovery into your charity’s accounting processes and financial policies to ensure long term sustainability.
Understand and apply fund accounting and full cost recovery accounting best practices to help break the ‘starvation cycle’ that charities face.
Learn to communicate your charities’ long-term financial needs to your stakeholders and present information to the public on how financial resources have been used to deliver services and help beneficiaries.
Identify gaps in their current operations and policies in fund accounting and full cost recovery, coached by Dr Isabel Sim on developing a plan of action to address these gaps.
WHO SHOULD ATTEND
Management team, board members and finance staff.
SEMINAR FEES & FUNDING
Save up to $324 by reserving your seats before 9 Jan!
After Early Bird
*VWOs-Charities Capability Fund (CCF) Training Grant
**Community Care Training Grant (CCTG)
All prices stated include prevailing GST.
*Up to 80% seminar fee funding for NCSS member agencies
**Up to 90% seminar fee funding for AIC approved organisations
SEMINAR DATES & TIMES
8 & 9 Feb 2023
Day 1: 9AM to 5PM, Day 2: 1PM to 5PM
WHAT PEOPLE SAY
"I got a better understanding of what full cost recovery is about and what it entails. I like the simple 6 step ACEVO model, and I plan to use it to work alongside my senior programme leads at the ground level first, then from a macro level to calibrate the full costing involved. Full cost recovery is also not a one-person finance show. It is a mindset shift, and it takes a team together to do this."
South Central Community FSC
ABOUT THE FACILITATOR
Dr Isabel Sim is the principal consultant at Integrative CSR Consulting. She was formerly Senior Research Fellow, Department of Social Work, Faculty of Arts and Social Sciences, National University of Singapore as well as Director (Projects), Centre for Social Development (Asia). She served as Head of Corporate Governance Practice, Centre for Governance, Institutions and Organisations (CGIO) and Senior Lecturer, Department of Strategy and Policy, NUS Business School from 2012 to 2014.
She obtained her PhD in finance from The University of Western Australia in 2011. She is the editor of the series Accounting and Finance Handbooks for Charities including Budgeting and Cash Flow Management, Fund Accounting for Charities, Full Cost Recovery for Charities and Cost-Effective Audit for Charities. She is also the lead author for Accounting for Good – Helping Charities Do Good Better, a project in collaboration with NUS and ISCA. Besides extensive experience in applied research in the charity sector, Dr Sim has more than 15 years of experience in teaching working adults. She has taught accounting, corporate governance, finance, and economics subjects in MBA, EMBA, and other professional programmes.