1. Handle the money with high standards and set a tone of integrity.
Oversight of cash, checks, and deposits is vital. Be especially scrupulous about keeping personal funds completely separate from organizational funds.
- The Treasurer should receive and reconcile the bank statements, OR write checks, but not both.
- Incoming checks.
- Outgoing checks must be supported by an approved invoice, receipt, or a voucher prepared by the volunteer if a receipt or invoice isn’t available.
2. Manage the filings
- Register with charitable solicitation agencies
- Obtain permits and Licenses
3. Identify and manage risk
Take the lead in safeguarding our organization’s assets, data, and personal information. Risks associated with the organization.
4. Confirm contributions
A prompt thank you letter that includes what donors need for tax purposes is an effective way to keep your contributors up to date on the great work you’re doing.
5. Track volunteer time
In many organizations volunteer effort represents the majority of resource inflow. Tracking volunteers can help protect volunteers and the nonprofit from certain forms of liability and provide helpful data for planning future programs and events.
6. Plan and evaluate with a budget
Preparing cost and revenue estimates need to be reasonable and attainable.
7. Prepare timely financial reports
Timely and reliable financial information is the underpinning of good standing.