Happy New Year!
Now is the time for the finance department of your nonprofit organization to set its goals for 2023.
6 Resolutions for Nonprofit Finance Departments
Distribute monthly financial statements by the 15th of the following month
Result: Proper procedures in place result in the distribution of timely and accurate financial statements.
Create or update your Accounting Policies and Procedures Manual
Result: Consistency in applying policies and procedures | Transparency in financial management | Proper safeguarding of financial resources | Compliance with regulatory and accounting requirements | Efficiency in training new employees.
Schedule an independent assessment of your finance department operations
Result: Your operating procedures will be evaluated. Inefficiencies in and lack of internal controls will be identified.