• Our financial systems conform to generally accepted accounting practices for non-profit groups.
• We have a standing Finance Committee.
• Our board knows how to read and understand a typical financial statement (i.e., a budget, an income statement, and a balance sheet.)
• Training in how to read/understand our agency’s financial statements is provided for new board members and staff.
• We conduct special screening and reference checks for all staff and board members who handle money and have signing authority.
• We follow standard practices for setting budgets.
• We follow standard practices for financial reporting.
• We follow standard auditing practices, and the auditor is approved by the membership.
• The board reviews statements of income and expenditures at each regular board meeting.
• Our expenditures are consistent with our proposed budget.
• The board approves an annual fundraising plan.
• The membership formally approves the annual financial statements.
• All agency planning has appropriate financial goals.
• Our organization has clearly identified who is responsible for specific financial decisions.
• We have specified how financial information will be shared with board members, donors, our membership and the general public.
• Our organization’s assets are adequately insured.
• Our fee-for-service criteria are clearly outlined.
• Our financial reports are submitted to the relevant funding agencies in a timely and accurate fashion.
• All our supplies, services and equipment are purchased within budget guidelines.
• Our agency has a quick reference sheet with a glossary of financial terms and definitions.
• All expenses can be directly linked to the delivery of LBS services. (Applicable for MET LBS funded agencies.)

We need to:

(Checklist adapted from United Way’s
Board Basics Kit Manual, 1995)