Nonprofit Finance and Audit Committee Best Practices Checklist
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- Corey Flowers
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1 Financial Oversight Committee Charter Ensure that all Committee policies, procedures, charter, and other relevant historical information are contained in one living document Update the document at least once annually Ensure that the budget (financial plan) reflects program goals as described in the strategic plan (business plan) Ensure that major assumptions are understood Budgeting Consider reviewing historical results for major revenue and expense categories Understand the margin for error or unexpected events Ensure that budget revisions are approved Review monthly statement of financial position (balance sheet) Review monthly statement of statement of activities (income statement) Financial Reports Review monthly statement of changes in net assets by fund category Review monthly statement of cash flows Compare monthly results presented in the statement of activities to the prior year and obtain explanations for major variances Cash Requirements Ensure that cash flow is adequate in light of the budget (financial plan) Ensure that excess cash is invested prudently Ensure that the investment objectives are consistent with objectives and time horizons stated in the strategic plan Investments Ensure compliance with a stated investment policy Review investment results and discuss with outside investment advisor Identify unrestricted and undesignated funds Unrestricted and Undesignated Funds (Reserves) Determine Board policy regarding transfers to the Contingency, Building, or other Board Designated Funds Identify the liquid (cash & investments) and non-liquid component of the funds Ensure that the amount and composition of the fund is consistent with the reserve objectives of the budget (financial plan) and strategic plan (business plan)
2 Board Designated Funds (Reserves) Identify Board Designated Funds Ensure that the purpose and use of the funds are in writing and comply with the terms of the Board (internal) designation and that the board approves policy modifications. Determine Board policy regarding transfers from the Operating Fund to the Contingency, Building, or other Board Designated Funds Identify the liquid (cash & investments) and non-liquid component of the fund For non-liquid funds such as the Building Fund, obtain periodic appraisals to determine fund equity (excess of market value over related debt) Determine when capital expenditures are to be transferred from the Building Fund Ensure that the amount and composition of the reserve is consistent with the reserve objectives of the budget (financial plan) and strategic plan (business plan) Restricted Funds (Reserves) Identify funds that are externally restricted by donors Ensure that the purpose and use of the funds are in writing and comply with the terms of the donor (external) restriction Revenue Obtain an understanding of the major categories of gross revenue Determine how such major categories are prices and distributed Determine whether such major items are subject to the unrelated business income tax Obtain an understanding of the major categories of expense Expenses Determine the method used to allocate direct and indirect expenses to functional departments and programs Obtain an understanding of the allocated cost of major programs Review and approve the annual capital expenditures budget Capital Expenditures Review and recommend financing options Determine Board policy with respect to capital expenditure transfers from Board designated funds Management Compensation Understand the procedures to establish and monitor management s compensation and benefits Understand the financial drivers affecting management compensation
3 Review of Expense Reports Review the employee and volunteer expense reporting policy and related guidelines Review CEO expense reports and changes to Organization credit cards that are not reported on expense reports If significant, review expense reports of other volunteers Tax and other Informational Returns and Reports Inquire as to whether all tax and information forms have been filed in a timely manner Consider reviewing Federal Forms 990, 990-T, 1120, 1120-POL, and Lobbying Reports in order to gain a better understanding of the Organization s tax issues and other activities Understand the financial relationships among all related entities over which the Organization s Board has oversight responsibility Related Entities Approve and monitor related entity budgets Review monthly financial statements of related entities Consider having a representative attend related entity budget or finance meetings Review related entity business plan and use of reserves Control Environment: The control environment sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control, providing discipline and structure. Assess the following factors: Management s integrity and ethical values The Control Environment Commitment to the competence of the staff The attention and direction provided by the board Management s philosophy and operating style Organizational structure Manner of assigning authority and responsibility Human resource policies and procedures
4 Risk assessment: Every Organization faces a variety of risks from external and internal sources that must be assessed. A precondition to risk assessment is establishment of objectives, linked at different levels and internally consistent. Determine if the Organization has identified and analyzed risks to the achievement of its objectives, such as: Changes in the Organization s operating environment New personnel The Risk Assessment New or revised information systems Rapid growth within the Organization New technology New services, products, or activities Restructuring within the organization Adoption of new accounting principles The management of such risks Control activities: Control activities are the policies and procedures that help ensure directives are carried out. Obtain an understanding of the financial policies and procedures including the following: The Control Activities Reviews of operating performance Information processing controls Security of assets Segregation of duties, including approvals, authorizations, verifications, and reconciliations Information and communication: Information systems produce reports, containing operational, financial, and compliance-related information that make it possible to run and control the Organization. Consider whether: The needed information is provided, and on a timely basis The Information and Communication The information is current and accurate The information is easily accessible by the appropriate persons Staff receives a clear message from management that control responsibilities must be taken seriously Staff understands their own role in the internal control system, as well as how individual activities relate to the work of others Staff has a means of communicating significant information upstream There is effective communication with external parties, such as customers, suppliers, and regulators
5 Monitoring: Internal control systems need to be monitored a process that assesses the quality of the system s performance over time. Determine the following: The Monitoring Are internal control systems subjected to ongoing monitoring activities, separate evaluations or a combination of the two? Do regular management and supervisory activities occur? Are internal control deficiencies reported upstream, with serious matters reported to top management and the board? Sarbanes-Oxley Requirements Document destruction policy Whistleblower protection policy Committee should be free from conflicts of interest and should not receive any compensation for their service on the committee Include at least one financial expert on the Committee Select and oversee the auditing company and review the audit Meet at least annually with the auditing company and consider one interim meeting, if not in person then via conference call Meet in an executive session, usually at the conclusion of the regular meeting, with the auditing firm Require Board approval of audit results Oversight of External Audit Consider rotating lead partner or audit firm every five years Avoid any conflict of interest in staff exchange between audit firm and organization Committee pre-approval of non-audit services (other than tax return preparation) provided by auditing firm Require disclosure to the Committee of critical accounting policies and practices Oversee and enforce the following: Conflict-of-Interest Policy Document destruction policy Whistleblower protection policy Code of Ethics for Senior Financial Executives
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