AEM 4535 - Financial Management of Not-For-Profit Organizations
Spring. 3 credits. Letter grades only (no audit).
Prerequisite: financial accounting (AEM 2210 , AEM 2225 ; or equivalent) or permission of instructor. Co-meets with NBA 5945.
This class is a seminar designed to allow a student with an interest in the formation and operation of not-for-profit organizations (NFP), and a basic understanding of financial accounting, to gain practical knowledge of how these organizations operate in the real world. Students are expected to do the "textbook learning" on their own and come to class ready to engage with an expert guest speaker or participate in a case study that drive home the lessons of the chapter. Student teams will be paired with a local NFP organization and gather information on the entity, its operation, governance and financial management. The team will use GuideStar to research similar organizations to compare/contrast. Students will research the NYS Non-Profit Revitalization Act of 2013 and determine the organization's compliance with the act. Teams will draft a consultant's report that will be shared with their client to summarize their findings.
Outcome 1: Explain and discuss:
• how NFPs are created, including federal and state registrations
• the importance of good governance within the NFP
• the various aspects of proper financial management of a NFP
• the concept of "risk" and how it is managed in a NFP
• the importance of the evaluation process within a NFP
Outcome 2: Develop your ability to function effectively as part of a team.
Outcome 3: Improve your communication skills.