Comparative analyses of Strategic Financial Management Practices in Faith-based and Community-interest organizations (Review Completed - Accepted)
Non-profit organizations render certain services not provided by business or public sectors such as skills development, employment creation and fostering of pathways for social inclusion. In spite of their generally-acknowledged significant contribution to the society, researches on the management of their finance are not much. This research therefore advances the frontiers of knowledge by comparatively analysing the financial management practices of two non-profit organizations––a faith-based and a community-interest organization. The research adopted a field-based approach by evaluating the financial management practices of study organizations using methods such as interviews, study of documents, artefacts and published annual reports. The research found out that though the two organizations are fully aware of the risks involved in the management of finance, different strategies are adopted to mitigate the risks. Though not established for commercial purposes, Non-Profit organizations are encouraged to embark on cost control and reduction to justify their funding by financiers.