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Nyles Gray
Reply to the below discussion and incorporate a bible scriipture. Please cite all work including where you get the scriipture from.
“Clarifying the differences among bookkeeping, accounting, and financial management concepts is important. Bookkeeping refers to the methods and systems by which financial transactions are recorded. This chapter does not discuss nonprofit bookkeeping, but various manuals and other materials are readily available. Accounting encompasses the rules by which financial transactions are classified and reported. This chapter does not provide a detailed guide to nonprofit accounting but introduces some basic principles and concepts. Other readings suggested at the end of the chapter will be helpful for those who may wish to have a deeper understanding of accounting” Worth, p330
Upon reading this chapter, I found the differentiation of these concepts exciting and informative. I am presently forming a budget for the Neighborhood Center for Youth Development and was undecided about what kind of system I would use. Now that I see three different segments of financial management, I have a better picture of how to proceed. Even though this chapter did not elaborate on the responsibilities of a bookkeeper, I found that bookers are primarily responsible for carrying out the administrative task of recording an organization’s financial transactions, and accountants are mainly responsible for interpreting the economic data that bookkeepers generate.
“The two terms, fundraising and development, represent somewhat different concepts, although the difference is not always maintained in common usage. Development is a term that originated in the 1920s at Northwestern University (Worth, 2019, p. 15). The university had completed a fundraising campaign to build a new campus. When the campaign was completed, the university’s leaders determined that fundraising should be an ongoing, organized effort to continually improve and develop the institution, rather than a sporadic activity undertaken now and then to meet a specific need.” Worth, p367
I found these two concepts helpful in determining how I would raise funds for the Neighborhood Center for Youth Development’s startup program. My main focus would be fundraising instead of development. This would entail seeking grants from corporate sponsorships, grants, and donations, which would be done from the private sector. I would also use social media and crowdfunding.
The concept of fundraising got my attention. “Some people may think of fundraising as synonymous with asking for money, but it is a process with identifiable stages and steps. Without following the process, fundraising is random and different from standing on a corner with a tin cup, hoping that some passerby will drop in a few coins. That is not an approach that is likely to generate the substantial and continuing support needed to sustain an organization.” Worth, p372. This process clarifies the steps to raise money for your nonprofit.
The bible verse that comes to mind when handling money is
Matthew 25:14-30: The Parable of the Talents teaches that God expects followers to use their resources wisely and productively.
Worth, M. J. (2020). Nonprofit Management (6th ed.). SAGE Publications, Inc. (US). https://libertyonline.vitalsource.com/books/9781544380001Links to an external site.
The Holy Bible: New King James Version. (2007). Thomas Nelson.
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