Your Agency’s Fiscal Health and Controls. What are the objectives of Internal Controls?. To prevent loss or theft of assets To minimize opportunities for employees or volunteers to steal To provide accurate information about organization activities to internal and external users
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To determine the proper type of expenditures and maintain solid internal controls, ask yourself these questions:
There may be no board responsibility more important than responsibility for the financial integrity and accountability of a nonprofit organization. The BOARD must ensure that the organization uses its funds efficiently, as donors have designated, and in pursuit of the organization’s goals. But at the same time, many BOARD members are uncertain exactly how they can carry out this responsibility.
Not all BOARD members need to be familiar with financial terms and concepts, but each organization needs to develop a clear and explicit agreement for how financial accountability will be ensured.