Effective Financial Management for Not-for-Profit Organizations

Financial management is crucial for both commercial and non-commercial enterprises to achieve their short-term and long-term objectives. Endogenous factors, such as financial management, are more important than exogenous factors, as they lie within the enterprise's control. Financial management involves efficient use and allocation of monetary resources to achieve organizational goals. Non-profit organizations, in particular, require effective financial management to operate efficiently and maintain their reputation. The article highlights the importance of proper financial management for non-profit organizations, including managing funds, budgeting, and allocating resources correctly to ensure the organization's sustainability and success.