No matter how compelling your programming, foundations and institutional funders want to know that you have sound financial management practices in place to responsibly manage contributed income. At this lab, you will learn how to develop appropriate policies and procedures for your internal financial controls to do just that. This lab is targeted to small nonprofit arts organizations with a staff of 1-15 individuals, but will also motivate small nonprofit organizations of any focus to streamline sound financial practices.
The learning objectives include how to:
- Create segregation of duties with a small staff
- Determine policies for invoice preparation, approval, and processing
- Develop standard operating procedures for employee expense reimbursements and credit cards
- Implement appropriate and reasonable controls over cash