Český finanční a účetní časopis 2011(1):33-41 | DOI: 10.18267/j.cfuc.95

Financing and Financial Management of Non-Profit Organization

Miroslav Hálek
Ing. Miroslav Hálek - doktorand; Katedra finančního účetnictví a auditingu, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <xhalm10@vse.cz>.

Fundraising of non-profit organization has many options. The most common ways of funding are from private donors and received grants or subsidies from the municipalities or the European Union. As a non-profit organization does not have profit, it has more total fund resources. Its business is carried on the mission for which it was founded, which is not creating profitability. A very important role in the financing of voluntary work takes enthusiasts who saves the cost of the organization because for the work do not receive financial rewards. That is why the non-profit organization does not have high labor costs. In order to enable non-profit organization to effectively carry out its business purpose is a necessary condition for the proper functioning of the financial management of the entire organization. The basic tool for financial management is its budget. Properly construct the budget shows the organization that has sufficient funds for their upcoming activities (projects). The budget also reveals the shortcomings of the current financial management and deviations thanks to measurement can fully control the organization and to present the outcomes to internal and external users.

Keywords: Non-Profit Organization; Fund Resources; Financial Management; Budget; Projects.
JEL classification: L31

Published: March 1, 2011  Show citation

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Hálek, M. (2011). Financing and Financial Management of Non-Profit Organization. Czech Financial and Accounting Journal, 2011(1), 33-41. doi: 10.18267/j.cfuc.95
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