The Importance Of Financial Sustainability

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Introduction:
Financial sustainability is one of the most critical aspects of an organizations’ success. When an organization is able to understand their flow of revenue generation, cause of revenue loss, provide and implement sound strategic planning and is able to produce multiple streams of revenue, this then aids the organization in the process of securing and/or obtaining financial sustainability. Being able to identify trends and forecast for the known and unknown assist in this process as well. Financial sustainability is directly impacted by the organizations financial capacity. This is the recourses used to support the organizations possible opportunities and their ability to respond to unexpected issues.
This process is normally …show more content…

In return the entity acquires expenses and depending on the entities financial position, then revenue is produced as a profit or loss (2014). As with most entities there should be guidelines in place to assist with minimizing breeches and mismanagement. EPIC is fairly small compared to other entities providing like services. However EPIC has a detailed policy and procedures manual which address ethical consideration. In EPIC’s policy manual section titled “Code of Ethics”, it addresses topics related to conflicts of interests, financial considerations to safety in the workplace. One aspect/benefit of nonprofit is there able to operate with a tax exemption status.
EPIC’s code of ethics is tailored to address our mission, needs and resources as it provides standards for employee compensations, bonuses, benefits, allowances and issues or topics related to day to day operations. In addition to having a code of ethics policy EPIC is committed to being responsible and accountable fiscal management in the administration of both organization and individual financial resources. EPIC’s fiscal department and independent financial auditors use generally accepted accounting practices and principles as set forth by the Financial Accounting Services

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