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O.5.2 Financial Administration


Improve or develop financial oversight and management practices.


When dealing with the finances of a not-for-profit organization with a Board of Directors and private and public monies involved, it’s important to ensure the fiscal integrity of the program and prevent any financial malfeasance.  This comes with having a good checks and balances system and includes third party monitoring and reporting. 


Board roles and responsibilities need to be clearly defined including that of the Treasurer regarding monthly reporting and related organizational finances.  Accounts payable and receivable process needs to be established as well as protocols for check signing and payment authorizations. 

A third-party accounting firm should be employed for annual audit and/or financial statements as well as federal and state tax filings.


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