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February 20, 2009 Faith Noble, CPA

Executive Roundtable Getting Through the Recession with Your Controls Intact: A focus on how to strengthen internal controls during tough times and emerge with a stronger, healthier organization. February 20, 2009 Faith Noble, CPA. Why Focus on Internal Controls Now?.

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February 20, 2009 Faith Noble, CPA

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  1. Executive RoundtableGetting Through the Recession with Your Controls Intact:A focus on how to strengthen internal controls during tough times and emerge with a stronger, healthier organization February 20, 2009 Faith Noble, CPA

  2. Why Focus on Internal Controls Now? • Staff Restructuring and lay-offs require duties to be reassigned • Board attention to detail is higher in difficult times • Possibility of merger and/or collaboration requires your financial house to be in order • Increased Fraud Risk • Increased scrutiny from Funders and the Public • Your organization can’t afford a loss due to inadequate controls • Controls are something you can control The Center for Nonprofit Policy & Practice

  3. Staff Restructuring • Where are the opportunities? • Improve segregation of duties during staff restructuring • Involve every member of your Senior Staff in Budget preparation and budget monitoring • Increase frequency and consistency of monitoring • Require budget narratives and variance reports from Senior Staff in a format that roles up to your board reporting • Involve every member of your administrative and clerical staff in routine financial tasks • Deposits, disbursements, travel documentation • Report preparation – get your best PR or development person involved, think of your reporting package as a marketing tool The Center for Nonprofit Policy & Practice

  4. Board Engagement • Where are the opportunities? • Engage your Finance Committee and/or Treasurer in regular, monthly tasks • Bank account monitoring • Payroll report review • Investment account reconciliation • Training opportunities for you and your Board have never been better • Are you using a Dashboard format for reporting? GOOD • Are you or your staff reconciling the Dashboard to the source documents? EVEN BETTER The Center for Nonprofit Policy & Practice

  5. Mergers and Collaborations • Where are the opportunities? • The strongest organizations financially will take the lead role in the collaborations increasingly mandated by funders • Transparent, easy to read Financial Statements make the difference in communicating to partners • Do your due diligence now The Center for Nonprofit Policy & Practice

  6. Increased Fraud Risk • What are the Risks? • Incentive and Pressure has increased for your employees, volunteers, and Board members • Take 5 minutes to review who has access to your financial assets and how their situation has changed • Evaluate the opportunity for fraud at your organization with your auditors The Center for Nonprofit Policy & Practice

  7. Increased Scrutiny from Funders and the Public • What are the Risks? • Don’t be caught off-guard (or on the front page) like the Auto Company execs • Make sure your organization gets credit for being a leader in transparency and accountability • Ohio Center for Nonprofits • Narrative in 990 The Center for Nonprofit Policy & Practice

  8. The Center for Nonprofit Policy & Practice

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