[vc_row full_width=”” parallax=”” parallax_image=””][vc_column width=”1/1″][fwp-anim-text animated=”true” animation=”enter right move 10px over 1s after”]Here, Laurie Peterson, director of finance and accounting for Big Brothers Big Sisters of Orange County and the Inland Empire, shares the importance of financial literacy for the agency and the youth it serves.
[/fwp-anim-text][/vc_column][/vc_row][vc_row css=”.vc_custom_1492560724897{background-color: #e5e5e5 !important;}”][vc_column width=”1/1″][vc_empty_space height=”10px”][vc_row_inner][vc_column_inner el_class=”” width=”1/2″][vc_empty_space height=”10px”][fwp-anim-text animated=”true” animation=”enter right move 10px over 1s after”]This is your sixth year at Big Brothers Big Sisters. In that time you were named Nonprofit CFO of the Year by the Orange County Business Journal. Can you describe your role and your responsibilities at the organization?
Laurie Peterson: As director of finance and accounting for the largest Big Brothers Big Sisters agency in California, I manage the financial operations for the Orange County and Inland Empire region. My responsibilities include revenue and expenses processing, budgeting, financial reporting, and audit and tax reporting.
[/fwp-anim-text][vc_empty_space height=”20px”][fwp-anim-text animated=”true” animation=”enter right move 10px over 1s after”]How important is budgeting for a nonprofit organization and why?
Extremely important! We want to make sure we will have enough money for important future expenses. Our donors expect us to be transparent and fiscally responsible with their donations. Budgeting helps us highlight where we are spending our money so we can evaluate if it’s the most optimal use of our funds.
[/fwp-anim-text][vc_empty_space height=”20px”][fwp-anim-text animated=”true” animation=”enter right move 10px over 1s after”]Not only is budgeting important for an organization or business, but at an individual, personalized level as well. At what age should youth start to look at and understand their finances?
As soon as they earn their first dollar! When you start saving your birthday and holiday money, it adds up fast and can be used for a rainy day.
[/fwp-anim-text][vc_empty_space height=”20px”][/vc_column_inner][vc_column_inner el_class=”” width=”1/2″][vc_empty_space height=”10px”][fwp-anim-text animated=”true” animation=”enter right move 10px over 1s after”]Can you discuss the benefits of financial literacy for youth?
Saving and spending habits form at a young age and they build a foundation for future financial independence. The sooner you start instilling good habits, the easier it will be to start saving.
Additionally, when you invest the time to look at all of the money that you earn and all of your annual expenses, you may think twice when spending a few dollars here and there on unnecessary purchases.[/fwp-anim-text][vc_empty_space height=”20px”][fwp-anim-text animated=”true” animation=”enter right move 10px over 1s after”]How does Big Brothers Big Sisters teach financial literacy to the youth in its program?
Big Brothers Big Sisters delivers one-to-one mentoring in three different ways: traditional mentoring, High School Bigs and Beyond School Walls. For the latter, matches meet at a partner corporation’s office in monthly facilitated sessions that encourage students to develop goals, prepare for school and be ready for college and career. As part of the curriculum, students also learn about financial literacy.
One of our long-standing Beyond School Walls workplace mentoring partners is Newport Beach-based global investment management firm PIMCO. During a recent session, PIMCO led a financial literacy workshop that employees developed as a tie-in to the existing BBBS curriculum. The workshop taught students how basic money management skills can set them up for success, covering topics such as living within a budget and handling debt.
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