Building Blocks for Small Organizations: Chart of Accounts

As cultural organizations work to sustain their critical role in their communities through turbulent times, collecting and analyzing financial data is more important than ever to help you weather the storm and prepare for a successful future. We know that many arts leaders take on their roles with great passion for their organizations’ missions, but limited knowledge of the basics of the financial management. This Building Blocks series attempts to fill in the gaps in your financial knowledge, one piece at a time. In this session, we explored the concept of a chart of accounts: how it’s directly related to the budget process, how to create and modify, and how to use segments and classes to capture details. This session was geared toward smaller organizations and arts managers with little financial knowledge and experience, and included time for questions about budgeting and other financial topics.