Mastering the ABC’s of Financial Oversight: Accountability, Budgets and Controls
Almost all nonprofit board members, leaders and managers understand the importance of knowing how their organization generates income and how it plans to spend its resources. Many are comfortable discussing the need for adequate cash reserves for emergencies, a strong revenue steam to meet monthly expenses, and a system for honoring donor intent. But financial oversight involves more that just reviewing financial statements and talking about challenges and opportunities. It requires continuously assessing financial strength, taking appropriate action, and overseeing a well-considered and realistic budget. And as if that was not complicated enough, it also includes holding themselves and each other responsible for long-term stability and high performance, and ensuring adequate controls are in place and enforced.
While the items on this list can be daunting, board members and officers have additional responsibilities as fiduciaries. They have a duty of care for their nonprofits to act prudently and a duty of obedience to follow all applicable bylaws, policies and procedures, regulations and laws. Failing to ensure strong financial oversight of all aspects of the organization means they are most likely not fulfilling these duties. This not only puts the nonprofit at significant risk – it also places the individual fiduciary at personal risk as well.
Please join Lynn Ivey as she discusses strategies and practical steps to safeguard your nonprofit organization through a strong system of financial oversight that will ensure a keen focus on the mission, reduce the risk of fraud or misuse of funds, and satisfy stakeholder expectations for strong accountability.
Just a sampling of what this webinar will cover:
- Understanding the duties and responsibilities of financial oversight
- Challenges that hinder nonprofit accountability & transparency
- Methods for assigning roles and responsibilities
- The importance of controls and sample policies
- Understanding the board’s role in the budget process
- Steps for assessing your organization’s current level of financial oversight
- Key strategies for moving from financial oversight to ensuring financial sustainability
- Strategies for effectively managing all the financial aspects of your organization
- AND MUCH MORE!
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