Successfully serving as a leader of a nonprofit organization and meeting mission goals requires a range of high-level skills, including financial literacy. Leaders, especially those of color, often lack the necessary knowledge for strategic decision-making based on accurate financial reports.
The lack of financial literacy, particularly among people of color, is prevalent in the United States. Increasing diversity in nonprofit leadership demands more investment in financial education to prepare future leaders for better financial management.
Organizations like the Financial Education Initiative at the University of Chicago are addressing the gap in financial literacy, offering programs to teach finance and money management skills to high school students, particularly girls and women of color for economic empowerment.
Boards of nonprofit organizations often overlook the significance of financial literacy for both themselves and the CEO. Accepting financial reports without proper scrutiny can hinder informed decision-making and organizational growth.
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