FP&A Today

All about Not for Profit FP&A - Amy Omand

Nov 28, 2023

Amy Omand, Fractional CFO at 7 Seat Consulting, shares her journey working with not-for-profits. Topics include budgeting challenges with an ice cream line launch, the role of finance in education, differences between nonprofit and for-profit FP&A, cash flow management at nonprofits, B Corporation certification, and the comfort in being a numbers nerd.

47:05

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Amy Omand

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Quick takeaways

Starting budgeting with true assumptions and using a bottoms-up approach is crucial in financial analysis.

Financial professionals should align with organizations that have a mission meaningful to them, combining financial expertise with social goals in non-profit finance.

Deep dives

The importance of starting with true assumptions in budgeting

Amy shares her experience of working on the capital steering committee at Dryer's Ice Cream, where marketing teams would start with desired ROI and backward map the financial analysis. She emphasizes the importance of starting budgeting with true assumptions and using a bottoms-up approach. Amy's key takeaway is the recognition of the people aspect in budgeting and the need to manage expectations and navigate within the context of different stakeholders.

Introduction

3min

Starting the Budgeting Process from the Beginning

22min

Donor Behavior, Cash Flow Management, and Skill Sets in Not-for-Profit FP&A

4min

Believing in the Mission and Challenges in Budgeting

8min

Proudly Taking Revolution Foods Through B Corporation Certification

2min

Get to Know You Section: Music and Ancestry

2min

Family History and the Value of Origins

6min

“One of the myths I'd love to dispel is that nonprofits are not strategic. People think we aren’t forward thinking or just scrapping for change and trying to get things done. I've had the honor of working with organizations where we really focus on our mission in a nonprofit context in a very strategic way.”

You don’t want to miss this masterclass with Amy Omand. Omand is Fractional CFO, at 7 Seat Consulting, working with not for profits getting from early to mid-stage growth. In this episode she reveals her journey from managing FP&A at Dreyer’s Grand Ice Cream (bought by Nestle) to former CFO of New Schools Venture Fund and setting up her business focused on not-for-profits.

In this episode:

Dreyer's ice cream Budgeting Experience - the problems that can melt financial analysis with a new ice cream line launch
Passion for K12 education and the finance factor in education
The differences-and similarities- between nonprofit and "for profit" FP&A
Why cash is (still) king at nonprofits
Restrictions placed on how money is spent by nonprofits
Taking Revolution Foods, a Healthy School Lunch Company, through their first B Corporation certification
Why Metallica works best for budget and modeling
The comfort in numbers

Notes
The Social Responsibility of Business: Kelly McElhaney. https://executive.berkeley.edu/kellie-mcelhaney

Follow Amy Omand on LinkedIn