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


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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