Part 2 of a 2 part series. (Read Part 1) Providing this information in advance will allow you and your board to make the most of your meeting time. You can also make the most of your presentation by keeping the following tips in mind while you are preparing and presenting to your board: Plan your approach: Prior to your board meeting, plan in detail what you would like to discuss and focus on the goals you wish to achieve.
Part 1 of a 2 part series. Reporting to your board can be a stressful obligation. However, it doesn’t have to be. Following these helpful tips will keep you on track with your board members, and ensure that your nonprofit’s financial decisions are based on accurate information. You should be reporting to your board on a quarterly basis, providing them with a clear financial portrait of your programs and operations. Providing accurate information is critical, as it ensures that your board will be able to provide correct advice and proper strategy.
The purpose of a time study is to identify the proper allocation of expenses (typically employee’s pay) that are not classified, or are classified to a general or unallocated class. It is important to conduct these studies on a routine basis: a routine basis would typically be defined as quarterly for one year (or four quarters), and should occur every other year. In order to instruct your staff on these time studies, give them the following instructions.
A couple of weeks ago, a reader commented on my post of on the topic of internal control. Here’s what she wrote: "Working in a very small nonprofit, I’ve found creating internal controls to be very challenging. We have a contract bookkeeper who balances all of our bank statements, and our board members [are] the bank signers, including approving and signing checks, so that helps. What are some other ideas with a nonprofit that has only 1 full time and 1 part time staff?
If you are as confused as many of us are about how all of the Healthcare Reform legislative changes will impact your nonprofit, please attend tomorrow's FREE webcast, offered by one of our service partners, Automatic Data Processing (ADP).