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.
YOUR CONFERENCE LEADER
Your conference leader for “Mastering the ABC’s of Financial Oversight: Accountability, Budgets and Controls” is Lynn Ivey. Lynn Ivey is a consultant, trainer and speaker for nonprofits throughout the U.S. Her nonprofit experience spans more than 20 years and includes senior executive and leadership positions with healthcare, education, and family support/intervention programs. Her roles have been diverse including: administrator of one of South Carolina’s largest nonprofit hospice programs, director and coordinator of volunteer programs, personnel manager, social worker, staff trainer, clinical instructor, and preschool director. Lynn is a licensed social worker and long-term care administrator with a passion for building stronger communities. Because of her wealth of first-hand experience, both in senior nonprofit executive and volunteer positions, she is a sought-after speaker and has presented at national, state and regional events and conferences. In addition to her professional work, she also has a wealth of volunteer experience including: women’s shelters, a theater company, U.S. Navy Family Service Center, and scouting. Lynn has also held volunteer positions serving on the National Council of Hospice and Palliative Professionals CEO Steering Committee, South Carolina Department of Health and Environmental Control Cancer Control Advisory Committee, and the South Carolina Association of Residential Care Homes Board of Directors, to mention only a few.
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