Financial Oversight Workshop: BoardWALK Feb 2010

Financial Oversight Board roles and responsibilities Robert P. Seestadt, CPA

[object Object],[object Object]

The Oversight Role ,[object Object],[object Object],[object Object],[object Object]

Typical Oversight Responsibilities ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

1: Embody Stakeholder Interests ,[object Object],[object Object],[object Object],[object Object],[object Object]

2: Listen & Ask Questions ,[object Object],[object Object],[object Object],[object Object]

3: Approve Annual Budget ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

4: Approve Audit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

5: Control Investment of Funds ,[object Object],[object Object],[object Object]

6: Approve Contracts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

7: Understand Financial Statements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Statement of Position ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sample Financial Statements: Statement of Position ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Liabilities & Net Assets Trade A/P $ 75 Accrued Liab $ 25 Notes Pay $5,000 Total Liabilities $5,100 Net Assets Unrestricted $750 Temp Restricted $130 Total Net Assets $880 Total Liab & Net Assets $5,980

Statement of Activities ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sample Financial Statement: Statement of Activities ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Expenses & Functional Allocations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Statement of Cash Flows ,[object Object],[object Object],[object Object],[object Object],[object Object]

Footnotes ,[object Object],[object Object],[object Object],[object Object],[object Object]

Responsibilities 8: Understand Internal Controls ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Responsibilities 9: Avoid/Disclose Conflicts of Interest ,[object Object],[object Object],[object Object],[object Object],[object Object]

Financial oversight: 5 things NOT to do ,[object Object]

Financial oversight: 5 things NOT to do ,[object Object],[object Object]

Financial oversight: 5 things NOT to do ,[object Object],[object Object],[object Object]

Financial oversight: 5 things NOT to do ,[object Object],[object Object],[object Object],[object Object]

Financial oversight: 5 things NOT to do ,[object Object],[object Object],[object Object],[object Object],[object Object]

Which of the following types of technical assistance would be helpful now to your organization? Source: Nonprofit Finance Fund March 2009 survey of 47 nonprofit leaders; used with permission

Key terms in financial assessment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Momentum Capital Example: A reporting tool

Momentum Capital Example: Reporting tool

Momentum Capital Collective Example: Very little agreement

Momentum Capital Example: Some agreement

Momentum Capital Example: Focused assessment

Momentum Capital Example: 8 nonprofit organizations Feb. 5 2010

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Financial Oversight Workshop: BoardWALK Feb 2010

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