This episode is sponsored by:
Today’s episode is about all things nonprofit finance and accounting with LaMichelle Hecht. These are such important topics that a lot of people do not understand, which is why I wanted to bring this conversation to the podcast.
LaMichelle is the owner and CEO of Overhead Solutions Group, a CPA firm specializing in accounting assurance and tax services for nonprofit organizations. She has over nine years of experience and is a trusted advisor dedicated to excellence and passionate about helping clients achieve their financial goals.
In this episode:
- [02:36] LaMichelle’s background and business
- [05:22] A common financial pitfall among nonprofit organizations
- [07:18] A board’s role in an organization’s financial responsibility
- [08:58] Audited financial statements
- [12:12] Restricted vs. unrestricted funds
- [13:52] Strategic financial planning
- [17:14] Misconceptions in nonprofit accounting and tax compliance
- [19:16] In-house accountant vs. consultant
- [21:06] Effective budget planning and how to build a strong financial foundation in your organization
- [26:03] Goldman Sachs 10,000 Small Businesses program insights
- [28:14] Advice for professionals looking to build their network
NOTEWORTHY QUOTES
“The number one pitfall I see is tracking. […] If you spend money, have the receipt to support it.” – LaMichelle Hecht
“ The most important thing about audited financial statements is making sure the things on your balance sheet can be supported.” – LaMichelle Hecht
“One of the biggest misconceptions is that anybody can be an accountant. […] If you’re an executive director, you’re running a nonprofit and you’re not trained or don’t understand accounting, you probably shouldn’t be managing the books.” – LaMichelle Hecht
RESOURCES
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CONNECT WITH LAMICHELLE
LinkedIn: LaMichelle Hecht
Website: overheadsolutionsgroup.com
CONNECT WITH HALEY
Haley is a Certified Fund Raising Executive (CFRE), Certified Stress Management Coach, and Certified EmC train the trainer. She is the Founder of The Savvy Fundraiser, a nonprofit consulting and coaching business. She has worked in both small and large nonprofit teams in the human services, homelessness, and youth sectors; and she specializes in the EmC process, nonprofit leadership, board development, and fundraising. Haley is a passionate, impact-driven, experienced nonprofit professional whose mission is to empower, elevate and engage nonprofit leaders to build healthy, thriving organizations.
Instagram: @thesavvyfundraiser
LinkedIn: Haley Cooper, CFRE
Website: thesavvyfundraiser.com
This episode is sponsored by Donorbox
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