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Internal Controls Policy Tips

Posted By Erica Crenshaw, Execute Now!, Monday, October 17, 2011
Updated: Monday, November 07, 2011

How often should you review your organization's internal controls policy?

Annually!

Why? We should do so for the following reasons:

  1. Following organizational changes, such as a new E.D. hire
  2. Following a restructuring of organizational programs
  3. When there's an increase in revenue or additional monthly transactions
  4. Whenever you gain new contracts or grants that have more stringent requirements
Remember, the nonprofit's President or CEO has a responsibility to implement, follow and regularly test her or his organization's internal controls.

Also note: A Policy and Procedures Manual should outline the internal controls of the organization; and the relevant parties should be trained on those controls and procedures on an annual basis as well.

 


For more tips on nonprofit financial management, please keep in touch with Execute Now! on Facebook, on Twitter @executenow, and through the LANO website at our member profile.

Tags:  accounting  bookkeeping  controller  Execute Now!  finance  louisiana  member services  non-profits 

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