Finance Unlocked for Nonprofits Boost #3

First, let's remember what we talked about.

The goal of this quiz is not to test your knowledge, but rather to reinforce the most important pieces that you learned about nonprofit boards. If you don't answer a question correctly, don't worry. Read the correct answer and think about why how this applies to your board.

As always, if you have questions please get in touch with us: learning@washingtonnonprofits.org or (855) 299-2922.

QUESTION 1: Which of these are KEY ELEMENTS of strong nonprofit OVERSIGHT?
A) Internal controls
B) Access
C) Reports
D) Risk assessment

Hint

QUESTION 2: Fraud typically goes on for an average of how many MONTHS?
A) 2 months
B) 6 months
C) 12 months
D) 18 months

Hint

QUESTION 3: Regardless of who else is reviewing them, who is ULTIMATELY RESPONSIBLE for reviewing financials on a regular basis?
A) Board president
B) Board treasurer
C) Executive Director
D) Board member

Hint

QUESTION 4: HABIT very often determines board financial practice. Name two ways that you could SHIFT THE HABIT of your board's finance practice.

Hint

Second, watch this video

It is hard to raise money– you want to do everything possible to protect your assets! Watch this video about Segregation of Duty. It gives you some ideas to think about in how money comes in and goes out of your organization.

Third, take Two Steps Forward

We invite you to take two steps forward from where you are now. Here are two topics to explore and bring back to your organization.

  1. Create an Ethical Culture. The board sets the tone for the culture of an organization. You have the power to create an ethical culture as a core business strategy. Watch this archived webinar as a board to learn how to do this.
  2. Create a Financial Dashboard for your organization. Rather than get overwhelmed with data, decide as a board what key indicators show your progress. Track those indicators using a dashboard.

 

 

Fourth, share what you’ve learned

Find the entire Finance Unlocked for Nonprofits curriculum, videos, kit, and key documents here. Invite fellow board members to watch a video.

Have questions? Connect with your peers in the nonprofit sector through the Next Level Nonprofit LinkedIn group.