Financial Management for Nonprofit Organizations


Financial management

Name and Qualifications of the Presenter:

Erik P. Shumar, Ph.D., MPA, MSW is the Director and Head of the Community Development Group at UBS Bank USA. Among his duties, he is responsible for developing, implementing, and managing all aspects of the Bank’s Community Reinvestment Act (“CRA”) Program, originating CRA qualifying loans and investments sufficient to receive an “Outstanding” CRA rating, and cultivating relationships with community, charitable, and nonprofit organizations. In New York, Mr. Shumar was formerly a Senior Vice President in Community Development at Citibank where he oversaw the CRA performance of Citi’s three legal vehicles. Mr. Shumar also previously served as the Director of Community Development Banking at Capital One Financial Corporation, where he led a team of individuals to manage CRA performance and deliverables for the Bank across its national footprint. Furthermore, utilizing his concentrated studies in and specialized understanding of low- and moderate-income populations as well as underserved communities, Mr. Shumar has served as a consultant on banking and behavioral economics-related issues for governmental agencies including the FDIC, Federal Reserve Bank of New York, New York City Department of Consumer Affairs, and the Manhattan Borough President’s Office.

In his leisure time, Mr. Shumar serves as the Board Chair for Neighborhood Housing Services of New York City and as the Treasurer for the Coalition for Debtor Education. He has extensive international experience and is fluent in both Japanese and Korean. Â While in South Korea, he studied as a Fulbright Scholar and worked as the Educational Director for Kaplan Center Korea. Â Recently, Mr. Shumar completed his doctoral studies at Columbia University researching the topic of affordable housing and the effects of homelessness on psychiatric symptomatology. His research interests include community development, nonprofit organizational decision-making, and international adoption.

Mr. Shumar is in his seventh year of teaching Financial Management at Columbia University, and has also previously taught courses on research methods and quantitative analysis. Mr. Shumar is a summa cum laude graduate (with honors) of Bucknell University and, in addition to his Doctorate, also holds two Master degrees (MPA, MSW) from Columbia University.

Description of Course:

Session amounts may vary based on the individual needs of the organization.

For individuals, please contact us for more information.

This course, an introduction to fundamental financial management, provides practical insights and develops hands-on financial management skills needed by human service administrators and nonprofit managers. Students will obtain a working knowledge of how to use financial information to successfully manage and/or consult human service agencies and/or programs. The course uses lectures, problem solving, discussions, small group exercises, guest presenters, and journal articles to convey content and assist student learning. In addition, to deepen students’ abilities to apply the course skills in the workplace, students will work on case studies and group projects. Students should be prepared to discuss readings and assigned problems in class.

Teaching Methods:

Through the use of readings, case studies, lectures, and class discussions, we will study financial statements, financial analysis, and accounting for nonprofit organizations. We will examine how the principles of financial management assist the nonprofit manager in making operating, budgeting, capital, and long-term financial planning decisions. We will also explore contemporary ethical, mission, and accountability issues facing the nonprofit sector.

Learning Objectives:

In this course, students will learn to:

  1. Describe effective management control systems for organizations within the nonprofit sector.
  2. Analyze the financial statements of nonprofit organizations and provide constructive feedback on their financial conditions, financial performance, and fiscal vulnerabilities, as well as be able to make appropriate analogies to the private sector.
  3. Conduct a cost analysis of a nonprofit organization’s programs, project, or operation and determine unit costs.
  4. Determine a pricing structure and set fees for nonprofit organization service programs or projects.
  5. Distinguish between financial and performance audits and their differing requirements.
  6. Perform risk and financial management assessments of a nonprofit organization.
  7. Utilize differential costs in making executive-level organization and policy decisions (make or buy, keep or stop, expand or reduce, fund or reject, etc.).
  8. Explain common financial management concepts and terminology.
  9. Differentiate between various types of private giving, government grants, contracts, and cooperative agreements, as well as understand their different uses and requirements.
  10. Identify and mitigate ethical and leadership dilemmas that arise during financial analysis and budgeting processes.

This course contributes toward mastery of the following core areas of social work competency identified by the Council on Social Work Education. Social workers…

  • Apply social work ethical principles to guide professional practice.
  • Apply critical thinking to inform and communicate professional judgments.
  • Engage in policy practice to advance social and economic well-being, and to deliver effective social work services.
  • Assess individuals, families, groups, organizations, and communities.
  • Intervene with individuals, families, groups, organizations, and communities.