Fiscal Controls Checkup.

Written By Mindy Muller

How is your nonprofit doing?

(1) If someone wanted to embezzle money, could they? (Not WOULD, but COULD.)

(2) If an egregious accounting/bookkeeping error was made, would anyone catch it?

It's time to get your fiscal house in order. If you aren't sure the answer to these questions, get those answers. Some good rules of thumb:

  1. Two or three eyes on all financial transactions...that's critical. It keeps you honest and it keeps you accurate.

  2. Get an accounting system and use it (Excel doesn't count).

  3. Have a Board-approved budget and use it to manage expenditures.

  4. Prepare monthly financial reports and have them approved by the governing board.

  5. Get an accounting partner you trust. You don't have to be a financial whiz but you sure need access to one who knows and understands your nonprofit.

-Mindy Muller, CFRE, President/CEO of CDP

Mindy Muller

EDUCATE. SUPPORT. DEVELOP. CONNECT. CDP helps communities thrive. Through innovative and strategic partnerships with nonprofits, local government, educational institutions and community-based businesses, CDP works through community stakeholders to make communities places where everyone can thrive. Through our team of professionals we have helped thousands of organizations build their capacity to better serve their communities by providing innovative solutions to unique community development challenges.

Specialties include nonprofit capacity building; affordable housing solutions; community development strategies; and, social enterprise and entrepreneurship

https://communitydevelopmentprofessionals.com
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