Fall is a Great Time to Review your Financial Policies

Fall brings the start of a new academic year and a set of fresh beginnings for many students, parents, and even charitable nonprofits.

While you are taking advantage of the terrific sales on school supplies and other back to school items, why not take some time to review your organization’s investment policies?  The Standards for Excellence:  An Ethics and Accountability Code for the Nonprofit Sector® encourages all nonprofits to have written financial policies—including investment policies as well as purchasing policies, internal control procedures, and policy on unrestricted current net assets.  Nonprofits are encouraged to make sure that these policies are adequate for the size and complexity of your organization.  Such policies should also be periodically reviewed.  When changes are incorporated as part of this review process, the revised policy should be brought before the board of directors for their review and approval.

Did you know?  The Standards for Excellence® Educational Resource Packet, Financial Policies,  includes a set of model investment policies that can be customized for use in your organization.  The packet is free and available to Standards for Excellence Institute® members.  It is available through the members only section of our website.  Hard copies are also available upon request. Not a member? Join now!

Advertisements

About Amy Coates Madsen

Amy Coates Madsen serves as the Program Director of the Standards for Excellence Institute.
This entry was posted in Financial Management. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s