How does your charity's finance function measure up?
6th October 2011
Finance Count 2012, a unique financial management benchmarking study, has just been launched by Agenda Consulting and Charity Finance Directors’ Group. Last year 64 charities took part in the study which benchmarks each charity’s finance function against other participants.
Caron Bradshaw, CEO of CFDG, said: “Faced with a continuing difficult environment, Finance Count offers charities an opportunity to explore how their management and performance compares with their peers, something which is an invaluable contribution to any organisation in a period of adaptation.”
Finance Count 2011 provided detailed insight into how charities have adapted to the current economic climate and where they could make efficiency savings. It also demonstrated:
- Where charities were top performers, such as being prompt payers to creditors, and the potential for negotiation of costs based on these attributes;
- where there were common issues across the sector with administrative processes e.g. difficulties in processing Gift Aid;
- how organisations manage investments; in 2011 there were indications that investment strategies were reflecting an increase in pressure for high financial return.
Roger Parry, Director of Agenda Consulting, said: “this year we expect public sector cuts, fundraising, other general income pressures, and wider uncertainty to continue to be the key concerns of our participants. This study aims to help them to identify areas where they can keep costs down and learn from the actions taken by others.”
A CFDG member that recently participated in the study commented: “With increasing pressure from my trustees for the support functions to demonstrate value for money, participation in the Finance Count study has provided a rich source of quality benchmarked data. This is the first year we have taken part and we will definitely wish do so again as we see real value in not only measuring ourselves against others, but measuring too how our own figures are moving year on year.”
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Notes to Editors:
1. CFDG is the charity that promotes best practice in charity finance management, supporting finance managers with conferences, training and a wealth of web-based information. CFDG is also active in the policy arena, working on issues that affect charity finances. CFDG’s circa 1700 members are responsible for the finances of charities with a wide variety of income levels. Between them our members manage some £21.75 billion in charity income per year, around half of the sector’s income.
If you would like to discuss any of these issues further please contact the CFDG Policy team at firstname.lastname@example.org or on 020 72508347.
2. Agenda Consulting is a human resources management consultancy specialising in benchmarking studies and employee surveys in the not-for-profit sector. Agenda provides participants in their benchmarking studies and employee surveys with unique and constructive comparators that empower organisation to position themselves against its competitors and proactively address areas where action is needed to improve efficiency and cost-effectiveness.
For more information please contact:
Tracy Jarvis, Marketing Manager, Agenda Consulting,
Tel: 01865 263720, email@example.com
Roger Parry, Director, Agenda Consulting,
Tel: 01865 263720, firstname.lastname@example.org
Or visit http://www.agendaconsulting.co.uk/benchmarking/finance_count/