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Ep 11 - Navigating the Seas of Nonprofit Finances with Rick Dahlseid

In today's episode, we dive into the intricate world of nonprofit finances with Rick Dahlseid, MS Tax, CPA. Rick, a seasoned nonprofit professional with over two decades of experience in the nonprofit sector, and is a key player in the leadership team of PBO Advisory Group.

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Introducing Rick Dahlseid


Welcome back to The Nonprofit Counsel Podcast with your host, May Harris, Esq., MA. In today's episode, we dive into the intricate world of nonprofit finances with Rick Dahlseid, MS Tax, CPA. Rick, a seasoned nonprofit professional with over two decades of experience in the nonprofit sector, and is a key player in the leadership team of PBO Advisory Group.

Rick's Nonprofit Journey

We begin this episode by asking Rick to share his extensive experience in the nonprofit sector. Rick takes us on a journey through his 20-year career, from being the Chief Financial Officer of a nonprofit hospice to his current role at PBO Advisory Group, where he provides consulting CFO services to various nonprofits. Rick's passion for leveraging his skills and background to contribute to the greater good shines through as he recounts his experiences in San Diego and beyond.
In addition to his hands-on work with nonprofits, Rick shares his joy in teaching nonprofit financial management. For the past four years, he's been an instructor at the University of San Diego's Nonprofit Institute, and recently, he joined the University of California, San Diego, contributing to their nonprofit financial management program. Rick emphasizes the importance of imparting financial knowledge to nonprofit professionals, recognizing the unique challenges they face.


When Does a Nonprofit Need a CFO?

A critical question for many nonprofits is determining when they need a CFO. Rick points out that as organizations grow and approach the $2 million budget threshold (considered a financial inflection point), they often require additional financial support and expertise.

The Role of a CFO

A CFO is not merely a custodian of historical financial information; they serve as strategic partners in shaping the organization's future. Rick emphasizes that a CFO brings more than just number-crunching skills to the table. They are instrumental in crafting a financial roadmap that aligns with the organization's mission and objectives.

- Strategic Planning: A CFO collaborates with the leadership team to chart a strategic financial course. This involves setting realistic financial goals, identifying potential risks, and devising strategies to mitigate challenges.
 - Financial Health Assessment: Beyond the surface level of financial statements, a CFO conducts in-depth analyses to assess the organization's financial health. This includes evaluating cash flow, liquidity, and overall financial sustainability to plan for the future.
 - Budgeting and Forecasting: Through effective budgeting and forecasting, a CFO provides the organization with a forward-looking perspective, ensuring that financial decisions align with the organization's long-term objectives and abilities.
 - Compliance and Risk Management: Nonprofits, especially as they grow, face an increasingly complex regulatory environment. A CFO plays a pivotal role in ensuring compliance with financial regulations and reporting requirements.

As nonprofits strive to make a positive impact on society, the expertise of a CFO becomes a catalyst for sustainable growth, prudent financial management, and ultimately, the achievement of the organization's noble mission.

A Side Note on Building Effective Nonprofit Boards

Shifting gears, Rick shares his dual role in board involvement – volunteering on nonprofit boards and assisting in board development through his work at PBO. Something Rick teaches in his classes as a professor at various universities is the M.A.R.L.I.N acronym. This can act as a guide for building a well-rounded board, emphasizing the need for individuals with Marketing, Accounting, Real Estate, Legal, Insurance, and Nonprofit expertise.


Closing Thoughts

In this insightful episode of The Nonprofit Counsel Podcast, we discussed the critical decision point of when a nonprofit needs a CFO, emphasizing the $2 million budget threshold as a pivotal moment. Rick underscored the multifaceted role of a CFO as a strategic partner in areas such as planning, financial health assessments, budgeting, forecasting, and compliance management.

The episode extended beyond financial intricacies to board development, with Rick introducing the M.A.R.L.I.N acronym for building effective nonprofit boards. He stressed the importance of Marketing, Accounting, Real Estate, Legal, Insurance, and Nonprofit expertise for well-rounded boards.

Subscribe to the Nonprofit Counsel Podcast today to stay on top of the latest insights and strategies about improving your nonprofit organization’s financial wellness and reinforcing long-term success and impact. For even more updates and valuable content, be sure to follow Nonprofit Counsel on LinkedIn and Instagram.