Category: Policies & Procedures

A Conflict of Interest Policy that is effectively communicated and enforced ensures that decisions about the operations of a nonprofit organization and the use of its assets are made solely in terms of benefit to the organization and not to individuals with positions of authority within the organization. Best practice is for all nonprofits to…

Collaboration between the finance department and non-finance staff in nonprofit organizations is essential to achieve effective financial management. By breaking down the silos preventing this collaboration, the finance department can fulfill its responsibilities and enable the organization to run its programs, deliver services and successfully carry out its mission.

The Board of Directors of a nonprofit organization has a fiduciary responsibility to oversee the financial health of the organization. Although they are not responsible for managing the daily operations of a nonprofit organization’s finance department, they should be confident that the finance department is managed efficiently and effectively with proper processes and systems in…

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 Resolved: 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.

Completing a financial audit successfully and in a timely and cost-efficient manner requires proper preparation, which should be an ongoing process throughout the year. Below are several key steps that should be taken during the year to prepare for the audit. The steps I am recommending are those that I undertook in preparing for the…

Here is one example of how Roberta Katz Consulting can assist your nonprofit organization. When I was working in senior financial management positions at several nonprofit organizations, one of our major challenges was generating accurate monthly financial statements in a timely manner. To meet these challenges, I successfully implemented a formal process and a tracking…