Financial Planning and Monitoring- Standards for Excellence Educational Resource Packet (18)

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Every nonprofit needs to be concerned with financial planning and monitoring. One of the most important responsibilities of the board is the oversight of the financial health or the organization. A finance committee, focused on financial inflows and expenses, can be a helpful tool to comprehensively disseminate financial info to the board. There are three essential elements to financial oversight, which this packet explains in detail:

  • The budget
  • Financial statements
  • The annual audit

This packet also includes a discussion of the Form 990, an annual information return, a version of which is required to be filed with the IRS by most organizations.

Attached at the end of this packet you will find the customizable companion documents:

  • Glossary of Terms associated with financial planning and monitoring, Standards for Excellence Institute
  • Sample request for proposal (RFP) for an audit, Standards for Excellence Institute
  • Sample of Independent Nonprofit Auditor Policy, Standards for Excellence Institute
  • Board’s Review of the 990 Policy, Standards for Excellence Institute
  • Effective Fiscal Management, Standards for Excellence Institute
  • Sample section of board minutes reflecting review of percentages spent on program, administration & fundraising, Standards for Excellence Institute

 

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