Financial continuity Strategies for NGO Boards
Non-governmental organizations are often caught up in financial woes that make it difficult for their operation despite having a strong mission program. Discussed are professional financial continuity strategies for NGO boards to control the financial performance of their organizations in a timely manner. Firstly, ensuring an effective operation of the board. Their functions are executed through complementary and supervisory operations, and legal obligations on their performance in the organizations structure (Finkler et al., 2016). The board’s primary role is to represent the interests of the stakeholders and those of the organization. Their functions include administration of the organization, financial oversight, and making decisions on policy.
Their governance responsibilities includes approval of annual budgets, preparation of business plans, policy formulation and implementation, strategic planning, and other administrative controls. Internal controls should be exercised not give room for fraudulent activities. Boards should ensure the organization abides to the contractual and legal conditions provided by donors. Performing and reporting on financial audits facilitate organizational accountability.
Fund accountancy
The approach in fund accounting is to keep records of resources that donors, governing boards, legal entities or granting agencies provide limited ways in which...
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