Balanced Scorecard Despite Organizations Having Essay

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There is also the need to make sure the funds are actually leading to the socially-driven and philanthropic goals being achieved as well. Where for-profit organizations commonly use balanced Scorecards for measuring their effectiveness relative to financial and operational goals, not-for-profit organizations need them even more to measure and report back on the progress to attaining greater social good (Weinstein, Bukovinsky, 2009). Arguably the increased pressure on not-for-profits to show not just a return on their investment in terms of social welfare but also show the funds were spent judiciously and without waste accentuates, intensifies the need for tighter reporting. As a result, there is the need to ensure a very high level of transparency and accountability in now the funds and resources of a not-for-profit are used. For all of these factors and the need for auditability of not-for-profit organizations' financial statements and ongoing activities, balanced scorecards are indispensible.

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The KPIs used by not-for-profits will also change over time as their goals change, and also as the mix of strategies and programs funded also change over time as well (Weinstein, Bukovinsky, 2009). Between not-for-profit organizations and ongoing enterprises, the former is held to a higher level of reporting and therefore needs to have balanced scorecards to report back progress on how funds are used......

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