As a nonprofit director, senior manager or board member, it is important to understand the policies, procedures, systems and regulations that are essential to sound financial management. As a nonprofit leader, there is basic information you should know to ask the right questions of those who handle your finances. Here are some tips to ensure great financial practices that are compliant with state and federal regulations to reduce your liability and promote efficiency.
1. Know the major regulations, laws and guidelines for sound financial management.
2. Understand how your financial system is set up and how to use key components to develop budgets and monitor your finances.
3. Know what an auditor would look for and how to avoid common errors.
4. Look for and avoid practices that invite opportunity for theft, fraud or embezzlement.
5. Know who has access to what accounts.
6. Have essential financial policies and procedures in place.
7. Learn how to read and get the most out of your financial statements.
Join us in November 14, 2018 for the interactive workshop Financial Management from a Leader’s Perspective and learn how to guide financial management within your nonprofit work.