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It is obvious that without proper oversight on finances, an otherwise effective nonprofit can easily become ineffective. Depending on the size of your organization or ministry much of the financial management activity may occur at the staff level. Most of the development activity may also fall under the purview of staff. None of this abrogates the board’s ultimate responsibility in these areas.
The board needs to have a committee assigned to review revenues, expenditures, and other financial activity so that the board may, through this committee, exercise proper oversight of the organization’s finances. This is one of the reasons that our Board Composition Analysis tool on our website encourages having a CPA among the board members. This is not so that the CPA is responsible for managing finances, but that the board may properly understand and oversee those finances.
Another dimension of the financial health of the organization is its development strategy. Utilizing our Extreme Board Makeover course, we emphasize that a significant responsibility of the board is to lead in matters of fundraising, whether through their own giving or the opening of their personal networks of relationships. Board members ought not only to give, but participate in the cultivation of new donors to ensure that adequate financial resources are available as the ministry strives to accomplish its vision. We are probably talking about a lot of money, and it starts with the board.
You can learn more at Raise Your Vision Online Forum.
About Michael Stickler
Mike is an author, radio host, and a highly sought after motivational speaker. His best-selling book, A Journey to Generosity, is widely acclaimed throughout the Christian community. Mike Stickler is the founder of The Vision Group, LTD. This organization offers ministries and nonprofit foundations a Christian perspective in overcoming the challenges of raising funds.
Over the course of his career, Mike has published over forty books that have made a difference through thousands of churches, nonprofits and foundations as they serve the world.