NON-PROFIT DONORS DEMAND FINANCIAL OVERSIGHT

In today’s economic environment, non-profits that watch over finances and share financial, programmatic and other information with their constituents build stakeholder confidence and are far better capable of fulfilling their missions, delivering effective services and adequately addressing donor concerns.

Non-profit finances not only include fiduciary requirements, but also address reporting of capital, personnel and programmatic expenditures. In today’s fast-paced and regulated environment, it is essential that organizations establish a financial oversight committee – separate from the agency’s treasurer and CFO – for major campaign efforts and ongoing operations, especially to assure donors at all levels that the organization has proper procedures and practices.

It is vital that organizations promise donors and other types of public support that they have a special responsibility to maintain trust and utilize funding to fulfill their stated mission. Non-profits today must be diligent in setting policies and adhering to best practices to assure donors that they are in force and guide organizational decision making at all times.