Refresher – Fundamentals of Financial Reports for a Healthy Organization

  • DATE: January 21 @ 1:00 pm - 2:00 pm EDT
  • FEE: FREE Members
  • VENUE: PACT Zoom
  • ACCESS: Automated captions
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PACT Refreshers focus on the fundamentals of arts management, offering expert insights on key competencies. These approachable sessions are open to both new managers seeking practical training and experienced leaders looking to brush up on their skills.

Refresher – Fundamentals of Financial Reports for a Healthy Organization
With Heather Young (Young Associates)

Get confident. Get clear. Get financially ready for the year ahead.

What does it mean that your company uses accrual accounting? What does a balance sheet tell you? What is the difference between a budget and a cash flow? Join us for a session walking through the key terms and reports that you need to understand your company’s finances. 

Whether you manage programs, oversee operations, or lead your organization, understanding the story behind your financial statements is essential. This refresher is designed to demystify the numbers, strengthen your financial literacy, and give you practical tools you can use immediately.
 
Join us where we’ll walk through the foundations every organizational leader should know, including:
  • Balance Sheet basics - what it really tells you about your organization’s health
  • Profit & Loss (Statement of Activities) - how to interpret trends and sustainability
  • Accounts Receivable & Accounts Payable - how money flows in and out
  • Trial Balance - how the financials get built behind the scenes
  • What you need for CADAC - and how to save time and avoid common errors
  • How to set up your books - for clarity and compliance
  • What funders really look for - when reviewing your financial statements
  • Using your financials to prepare - as a foundation for realistic budgeting
  • What to flag for your Board - and how to communicate it confidently
You’ll leave with practical knowledge, clearer confidence around your numbers, and a renewed understanding of how financial statements support healthy decision-making, strong governance, and organizational sustainability.
 
If you’ve been wanting a friendly, accessible reset on deepening your understanidng of your finance, regsiter for the session on: 
 
Wednesday, January 21 at 1:00pm-2:00pm ET
ABOUT THE SESSION LEADER

Heather Clara Young, CPB (she/her) has worked in the field of arts management for close to four decades. Her experience includes leadership roles with a variety of arts and heritage service organizations, theatre and dance producing companies, galleries and museums, facilities, festivals and community organizations, in both professional and volunteer capacities. Before founding Young Associates in 1993, Heather served as General Manager for both Nightwood Theatre and the Fringe of Toronto Festival.

Heather has provided bookkeeping and consulting services to dozens of organizations, and delivered professional workshops, training and seminars on topics ranging from budgeting to sales tax, to setting prices, to reading financial statements. She has taught accounting and financial management to diploma and continuing education students in Humber College’s Arts Administration programs since the early 90s, and has also taught for U of T, and UNB.

Young Associates provides bookkeeping, payroll, training, consulting and data management services to not-for-profits and charities, specializing in the arts and culture sector. In 2025, Young Associates became a division of Adams + Miles CPA, entering an exciting new period of service to the nonprofit world.

Heather has dedicated her career to strengthening the sector not only by delivering excellent financial services, but also by helping arts managers build their chops in this crucial aspect of management. Her book, Finance for the Arts in Canada (2005, 2024), is a unique self-study guide, reference source and textbook for the accounting and finance functions in cultural organizations.

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