1. Budgeting and Planning
Develop an annual budget that aligns with the organisation’s mission and strategic goals.
Ensure that the budget is realistic, balanced, and includes both income and expense projections.
2. Financial Policies and Procedures
Establish clear financial policies and procedures that outline how financial transactions are handled, including authorisation levels and segregation of duties.
3. Cash Flow Management
Monitor cash flow regularly, ensuring that there are sufficient funds to cover operational expenses and obligations.
4. Revenue Diversification
Cultivate donor relationships and engage in ongoing fundraising efforts to sustain and grow revenue.
5. Expense Control and Monitoring
Consider cost-sharing opportunities or collaborations with other organisations to reduce costs.
6. Financial Reporting
Share financial reports with the board of directors, staff, and stakeholders to promote transparency and accountability.
7. Grant Management
Keep accurate records of grant-related expenses and outcomes to ensure compliance and accountability to funders.
8. Audit and Internal Controls
Implement internal controls to safeguard assets, prevent fraud, and ensure compliance with financial policies.
9. Board Oversight
Appoint a finance or audit committee responsible for regularly reviewing financial reports, policies, and internal controls.
10. Long-Term Financial Planning
Explore opportunities for endowment funds or planned giving to secure the organisation’s future.
11. Transparency and Communication
Provide donors with clear information on how their contributions are used to support the mission.
12. Training and Capacity Building
Invest in training and capacity building for staff and board members to ensure they have the necessary financial knowledge and skills.
13. Compliance and Legal Matters
Stay informed about relevant tax laws, reporting requirements, and regulations that apply to non-profit organisations.