Whether you are a charity reporting back to donors, funders and community stakeholders OR an association reporting back to members, sponsors and key stakeholders, strong financial accountability is a great way to build credibility.

The process starts with a sound financial plan, well thought out objectives and planned use of resources. The final financial report is an overview of how the financial plan is tracking.

Forecasting: 

  • What service do you provide
  • Who do you provide your service to
  • How much does the service cost to deliver
  • How is the service delivered
  • When is the service / product delivered
  • Is the forecast realistic
  • What KIPs are put in place to monitor progress

Managing:

  • Who has authority to do what
  • Ensuring a good balance of cashflow
  • Making recommendations and being flexible
  • Regular monitoring of progress of financial performance

Tracking:

  • Reviewing KPIs on a 1 page dashboard
  • Establish timely reports i.e. monthly for assessment
  • Ensure the leadership team can review regularly

To read the full article from betterboards, please click here.

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