Finance for the Arts in Canada - Volumes 1 & 2 (2nd edition)
by Heather Young, CPB
Gain the financial knowledge you need to lead a stronger organization.
“Artistic merit without financial savvy is a high-wire act with no safety net. Finance for the Arts in Canada Volumes 1 & 2 walk you through the basics of accounting and financial statement preparation in a friendly and accessible manner.” - Heather Young
The Book
Volume 1: Accounting & Financial Statement Preparation
There is a concerning lack of knowledge in the arts administration field in Canada around financial processes, terminology, and key stakeholders. You may imagine that you’ll fill the need by finding a CPA for your board and hiring a good bookkeeper. That’s a roll of the dice – and the odds aren’t with you. Your neighbourhood accountant or bookkeeper may not speak your language, and if you don’t speak theirs, a gap of understanding might turn into a real predicament before either of you realizes there’s a problem.
Volume 2: Financial Management
Let’s close this knowledge-gap. This clear, well-researched set of books will help demystify the process of financial management, and — importantly for your business — lead to better strategic decision-making across the board.
Finance for the Arts in Canada, Volumes 1 and 2 (2nd edition), are unique Canadian reference guides, self-study resources and textbooks for the accounting and financial management functions in not-for-profit cultural organizations.
These outstanding books deliver excellent instructional value in clear language. Author Heather Young’s comprehensive approach to the technical aspects of cultural management yields an indispensable resource for anyone concerned with the financial success of their organization.
Finance for the Arts in Canada, 2nd Edition is published by Iguana Books.
Accompanying website
The accompanying website features:
Glossary containing 350+ definitions of key accounting and financial terms
Annotated list of additional readings and reference sources for each chapter
Who should read these books?
General Managers and Executive Directors
Business Managers and Administrators
Accountants and Bookkeepers
Any Manager with Budget Responsibility
Artistic Directors
Treasurers
Presidents
Boards of Directors
Arts Management Instructors
Arts Management Students
Skills covered in Volume 1:
How to incorporate accounting principles and best practices into your daily operations
Double-entry bookkeeping
Financial statement preparation
The accounting cycle
Documentation and records-keeping
Mid-year and year-end reporting
Successful financial control strategies
Appropriate financial reporting methods
Healthy relationships with boards, funders, lenders and other stakeholders
Powerful analytical tools
Constructive management during deficit and surplus situations
Essential contextual information
Legal framework of not-for-profit and charitable organizations
Comparison of commercial and not-for-profit management approaches
Generally accepted accounting principles
Volume 1 Chapters:
Forms of Business Organization in Canada - structural options for creating organizations in Canada.
Orientation to Accounting and Financial Management Within Arts Organizations - The base processes and practices of accounting, financial reporting, and taxation.
The Accounting Cycle - Back to the basics of manual processing as a model to understand the logic by which financial statements are produced.
The Balance Sheet and the Statement of Operations - Use accounting logic to understand these important documents.
Double-entry bookkeeping and Financial Statement Preparation - Debits, credits, and the mechanics of bookkeeping and financial statement preparation.
Accrual Accounting and Measuring Economic Activity - Enrich your understanding of financial statement preparation through different methods of accounting - cash, accrual, and modified cash.
Financial Statement Concepts and Generally Accepted Accounting Principles - theoretical concepts that govern the practice of accounting, to better communicate with accounting practitioners.
Skills covered in Volume 2:
The financial planning cycle
Practical tips and techniques for excellent financial management
Effective budget preparation
Sound cash management
Professional vocabulary
Analytical skills
Interpreting the meaning of your numbers
Net assets
Equity presentation
Ratio analysis
Minimizing risk and ensuring long-term stability
Volume 2 Chapters:
Financial Planning Cycle - Establish strong management practices through cyclical financial management, including a step by step guide.
Budgeting - Different types, who should be involved, and how to develop processes suitable to different circumstances.
Cashflow - Forecasting your cash balance by creating and managing a cashflow plan and reinforce accounting methods.
Managing successfully throughout the year - Professional vocabulary and analytical skills to help with the review and update phase of the financial planning cycle.
Structure, Processes, and More: How standards plus good practice can communicate meaning - Advanced technical knowledge of accounting, including how it’s organized and how to recognize, understand, and interpret information.
Net Assets - Clarifying and reinforcing comprehension of this important class of accounts which includes closing entries, presentation of equity, and operating budgets.
Ratio Analysis - Learn about this analytical technique that compares plans to actuals, results from year to year, and results between different companies.
Achieving Financial Health - Techniques that can help managers improve their organization’s financial health, foster stability, minimize risk and enhance long-term sustainability.
Testimonials
"Something that should be on every consultant’s bookshelf and in every Arts Administration teacher’s required reading lists for their students."
Arts Consultants Canada
"This book is an invaluable resource for all nonprofit managers and financial professionals. It's engagingly written, chock full of real world examples, and shares a refreshingly pragmatic approach for how nonprofits can successfully navigate complex accounting and compliance requirements. I often return to this book for refreshers, clarifications, and to help me orient my team to complex concepts."
Nat Marshik, CPB, CNAP , Founder & CEO at Chickadee Nonprofit Solutions, Inc.
“Finance for the Arts has helped me realize that in order to serve the art we create an understanding of accounting, budgeting, and financial planning is essential. Heather removes the mystery from numbers and provides foundational knowledge clearly and comprehensively.”
Natalie Skov, Humber College alummus
"Finally, a financial text for arts managers! With this resource, the myth of the "flaky arts sector" takes another hit. Mandate-driven organizations do an extraordinary amount of work with few resources. The information in this book will help arts management students and life-long learners to do the best possible job in managing these resources. Well-written, well-organized and accessible, Finance for the Arts in Canada needs to be in every arts management classroom and on every arts manager's bookshelf across the country. I am using it at the University of Toronto, Scarborough Campus with undergraduates in the arts management program, with great feedback."
T. Anne Frost, Program Coordinator, Arts Administration and Cultural Management, Humber College
"Finally and at long last, arts organizations have a step by step guide to managing the financial side of their organizations, which can be shared with everyone in the office. I just wish I'd had something like this when I started out in arts administration."
Angela Rebiero, Publisher, Playwrights Canada Press
“I've recommended your book many times even when they're not working in the arts!”
Gillian Hards, Humber College alummus
“Finance for the Arts in Canada – Vol. 1 written by Heather Young CPB, an amazing compilation of words and explanations written in simple layperson’s terms infused with humour and wit, is a book I wish I had had when I was teaching Arts Administration. It is a must have as an educational tool for teachers and students in arts admin, as well as entrepreneurial groups starting new arts organizations or creative collectives.”
Jane Needles, Arts Administrator, Consultant and Professor
