How can nonprofits ensure proper financial oversight?

How can nonprofits ensure proper financial oversight?

Nonprofits can ensure proper financial oversight by implementing strong internal controls, regular audits, and transparent reporting.

What are some key internal controls that should be in place?

Key internal controls include segregation of duties, regular reconciliations, and approval processes for expenditures.

How often should audits be conducted?

Audits should be conducted annually, but more frequent reviews may be necessary for larger organizations or those with complex finances.

What role does the board of directors play in financial oversight?

The board of directors is responsible for overseeing financial policies, ensuring compliance, and reviewing financial statements regularly.