managing the 'f' word in charities! board financial oversight, a 10 point plan
DESCRIPTION
Do your Trustees have a full grasp of the charity’s finances when they are presented at Board meetings? Are they switched on or off; do they take an interest or even challenge the numbers; do they offer insights that inform your investment, risk and fundraising strategies; or do they just agree with what’s put in front of them? Good financial management is more than just about compliance and good practice. It can help your organisation to thrive and maximise impact in the communities you serve. Keeping heads in the sand can eventually be a high cost to the organisation.TRANSCRIPT
Managing the ‘F’ Word in your organisa4on
Board Financial Oversight
Invest in financial literacy
Promote a posi4ve financial culture
Link the units and numbers to impact
Be diligent about implemen4ng cyclical events for budgets, forecasts and business plan reviews
Change the way you present your accounts: simple, succinct and strategic
Develop a financial risk management framework
Challenge your accountable officer for finance and ask the tough ques4ons
Treat finance and fundraising as two sides of the same coin
Keep an eye on your reserves
Review your governance structure and introduce a finance commiMee
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