A pilot project to help not-for-profit groups better manage their finances got a major boost from the federal and provincial governments yesterday.
MP Nick Whelan and Minister of Business Chris Mitchelmore announced nearly $190,000 to go towards CSC’s new pilot project.
Buy the Books is a pilot program launched by the CSC that helps non-profits deal with their finances.
The project aims to educate non-profits in proper financial management, connect non-profits with basic bookkeeping and accounting services, and help non-profits transfer skills between one another.
Community Sector Council of Newfoundland and Labrador CEO, Penelope Rowe, says when directors and managers are hired for non-profits all of a sudden they are accountants, bookkeepers, and need to know all the rules and regulations.
Rowe says the project connects people so they can have relationships with other non-profits to help them do their job well after they are finished.
The groundwork for the 18-month pilot project is already underway and the added funding allows the CSC to hire another person before they begin taking on clients.
Rowe says it’s important for non-profits to have thorough financial records because they are often held to a higher standard than the private sector.
She says many non-profits are very well run but because they are accountable to the public the microscope is much bigger.