The Financial management of Eminence is similar to financial management in the commercial sector in many respects; however, certain key differences shift the focus of Eminence Financial Management Team (FMT). Being a not-for-profit organization, Eminence’s primary goal is not to increase shareholder value; rather it is to provide some socially desirable need on an ongoing basis.Eminence depends on resource providers that are not engaging in an exchange transaction. Therefore, budgeting and cash management are two most critical activity areas of Eminence FMT. This team develops budget for Eminence and its staffs, which gives a direction for allocating and maximizing the use of resources. This budget prepared by the FMT works as Eminence’s operating plan for a fiscal period in monetary terms.
FMT also makes annual, quarterly or monthly projections of income and expenses for the entire organization as well as of branches. They facilitate coordination and cooperation between the donors and Eminence. One of the major responsibilities of Eminence FMT is to focus on smoothly financing current operations by making the most efficient use of current or liquid funds, and by maximizing available and obtainable resources to enhance return on the resources or capital.
Eminence FMT is operated by enthusiastic and meticulous officials, who are always engaged in providing and interpreting financial information. They not only manage the organization’s financial accounting, monitoring and reporting systems but also develop effective external relationships with appropriate contacts e.g. auditors, solicitors, bankers and statutory organizations.