Nonprofit leaders have a big job. On top of overseeing the delivery of programs and services, they are responsible for overseeing the organization’s financial health. It’s called fiduciary responsibility — ensuring that funds are effectively used, and reporting finances in a transparent and reliable way to donors and other stakeholders.
All of that responsibility can be daunting, especially for smaller organizations. Nonprofits sometimes need help navigating through the steps to perform effective financial stewardship over funds that donors have entrusted them with.
Help is coming soon at my April 18th free Lunch and Learn at the Foundation Center (recently merged with GuideStar). This one-hour session includes topics to promote effective financial stewardship and oversight, and tips on how to make it work at your nonprofit organization.
Believe it or not, we plan to touch on these five topics in only one hour:
- Fiduciary Roles and Responsibilities – The duty to act in the best interest of the organization, including Duty of Care, Duty of Loyalty and Duty of Good Faith, as well as avoiding conflicts of interest.
- Financial Policies and Procedures – Defines the framework for accepting, managing and spending the funds entrusted by donors, and delineates between Board and management roles and responsibilities.
- Budgeting – Plans for the appropriate use of funds to deliver programs and services, and to operate and sustain the organization; as well as to define the amount of funds required from diversified sources.
- Financial Reporting and Monitoring – Stewardship and oversight necessary to fulfill fiduciary responsibility to use funds effectively and plan appropriately, including monthly reports that should be reviewed.
- Annual Financial Statement Audit and IRS Form 990 Information Return – Annual reporting requirements to comply with IRS laws and regulations, and to report how funds are used to donors and other stakeholders.
Can you tell that it’s going to be a jam-packed hour? Interested? Register now at this link –
Hope to see you there!