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BOARDS AND COMMITTEES

They are volunteers, too!
Look here for information and the latest techniques to develop your board or committee. The purpose is to help those who work or serve on nonprofit boards of directors or committees.

~January 2011~


FINANCES AND FUNDRAISING

Boards have responsibilities for finances and fundraising.  Teaching new members early on about those responsibilities is important.  Use this check list to guide your training on finance.  It can be a good review for current members, too.

Responsibility

Elements

 

 

Strategic Planning

The board establishes measurable goals and objectives for

  • Development of continuing and new programs
  • Fundraising and finance goals leading to
    • Financial stability
    • Self-sufficiency
  • No program is developed in response to money only.
  • Seeks resources that match the organizational mission.

 

Resource Allocation

The most challenging task for the board is deciding where money is spent.  The task is to:

  • Determine allocation for money
    • Overhead
    • Program costs
    • Salary/Benefits
    • Fundraising

 

 

 

Budgeting

Budgeting begins in committees with recommendations to a board finance committee, who in turn puts together a budget to be reviewed, revised, and accepted by the full board.  Here are things the board needs to make clear to committee members as they plan.

  • Identify short-term and long term goals that are in sync with the boards strategic plan.
  • Design objectives for those goals based on available resources
  • Do a cost-benefit analysis of options
  • Budgets are developed over a reasonable time. Plan in summer.  Finalize in December.

 

 

 

Financial Controls

Boards need to have policies in place to guard assets. The board has:

  • Objectives to safeguard assets, ensure accurate and up-to-date financial reporting
  • Control systems for:
    • Competent personnel
    • Clear lines of authority
    • Separation of roles and responsibilities
    • Policies for authorization and record keeping
    • Independent check and balance of finances and fund raising
    • Physical control of assets and records

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