Financial Policies and Internal Controls – Standards for Excellence Educational Resource Packet (19)
MEMBER EXCLUSIVE BENEFIT
Nonprofits should have written financial policies that are adequate for the size and complexity of the organization. These policies should address investment of the assets of the organization, internal controls, purchasing, and unrestricted current net assets. Such policies should be adopted by the board of directors who are ultimately responsible for the financial well-being of the nonprofit.
The Standards for Excellence call for an organization to have written financial policies in place addressing:
- Investment of the assets of the organization
- Unrestricted current net assets
- Purchasing
- Internal Controls
All of which are explained in more detail within the packet.
Attached at the end of this packet you will find the customizable companion documents:
- Sample Investment Policies, Standards for Excellence Institute
- Sample Investment Policy, The Delaplaine Visual Arts Education Center, 2002
- Sample Joint Venture Policy, Venable LLP
- Sample Policy on Restricted Net Assets, Standards for Excellence Institute
- Model Purchasing Policy, Standards for Excellence Institute
- Sample Internal Control Policy, Standards for Excellence Institute
- Practical and Almost Painless Approaches to Improving Internal Controls, Standards for Excellence Institute