NLN Finance Unlocked 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: firstname.lastname@example.org or (855) 299-2922. QUESTION 1: Which of these are KEY ELEMENTS of strong nonprofit OVERSIGHT?A) Internal controlsB) AccessC) ReportsD) Risk assessment A B C D HintThese all seem like good things to have... QUESTION 2: Fraud typically goes on for an average of how many MONTHS?A) 2 monthsB) 6 monthsC) 12 monthsD) 18 months A B C D HintThe top three ways that fraud occurs is: misappropriation of assets, corruption, and financial statement fraud. QUESTION 3: Regardless of who else is reviewing them, who is ULTIMATELY RESPONSIBLE for reviewing financials on a regular basis?A) Board presidentB) Board treasurerC) Executive DirectorD) Board member A B C D HintEvery board member has the job of making sure the money of the organization is going towards achieving that organization’s mission. QUESTION 4: HABIT very often determines board financial practice. Name two ways that you could SHIFT THE HABIT of your board's finance practice.HintThere are so many ways to break things up. These include: • Train up certain people who aren’t usually part of the conversation on key elements and have them lead the conversation on those topics. • Take your Income Statement, and first through pairs and then as a large group, tell the story of your organization using the numbers on the income statement. • Bring in markers or crayons and have people draw your budget. • Name the elephant. Invite people to write down on an index card the financial topic that no one is talking about. Gather the cards and invite small group conversation about them. • Scenario plan. Invite board members to take your financials and craft possible scenarios (good and bad). Discuss these scenarios in small or big groups. What additional thoughts do you have about your financial policies? Your Name Your Email Address Time is Up!