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A PROGRAM OF THE U.S. CHAMBER OF COMMERCE FOUNDATION
 

IOM Blog

December 18, 2019

Enhancing Finance Committee and Audit Committee Effectiveness “How to Maximize Benefit, Enhance Governance and Improve Sustainability”

Almost all nonprofit organizations have a finance committee and most mid to large size nonprofit organizations have an audit committee.  However, for most nonprofit organizations, these two very important committees exist in name only with little to no “Thoughtful Structure” or working rules to guide them.

Enhancing and empowering these committees with a “Strong Sense of Purpose” will positively impact organizational financial health, improve utilization of financial resources, foster financial oversight and monitoring, and help your organization to better position strategically to advance on mission delivery now and in the future.

The key elements to consider are adding the following component parts and objectives to your finance and audit committees:

  • Purpose – the “Why We are Needed as a Committee”
  • Structure – clear “How We Will Work as a Committee”
  • Working Rules and Work Plan – the “How the Game will be Played” – Big help to the Committee Chair
  • Role with Governance – Reporting of Information, Approvals vs. Recommendations and Coordination between Board and Other Committees
  • Compliance Roles, Stewardship and Oversight – the “How Does the Committee Fit In To the Internal Control and Risk Assessment Structures”
  • Strategic Roles and Related Interactions with Management and the Board – the “How do We Make a Difference in the Future”

The use of these key component parts and objectives will make serving on these committees meaningful to both the committee members and the organization they serve.

One last thought; give these important committees the opportunity to shape the future and not let them live only in an oversight and “looking back role”.  The key for these committee members is having a role in steering where the organization will go in the future and vesting in their ownership of this important role.

A. Michael Gellman, CPA, CGMA, is an independent Fiscal and Financial Strategist (CFSO) for Nonprofit Organizations and a founding principal partner for Fiscal Strategies “4” Nonprofits, LLC where the primary focus is helping legacy organizations and new organizations build and achieve a sustainable and financially healthy future. Mr. Gellman was a former 20-year Shareholder for Rubino & Company, Chartered, CPA’s and Consultants. Mr. Gellman has more than 35 years’ experience in nonprofit fiscal, financial and accounting systems working as a chief financial, fiscal and management consultant where he has focused on specialized management and advisory services for trade and professional associations, public charities and endowment based foundations.  Mr. Gellman has also developed comprehensive budget and projection-based systems in support of senior management and organizational leadership. 

For more information about Mr. Gellman and the courses in nonprofit finance, budget and management he teaches, please contact him directly at mgellman@fiscalstrategies4nonprofits.com  

Avatar photo
A. Michael Gellman, CPA, CGMA
Founding Principal Partner
Fiscal Strategies 4 Nonprofits, LLC (FS4N)

Mike is an independent fiscal and financial strategist for nonprofit organizations and a co-founding principal partner of Fiscal Strategies 4 Nonprofits, LLC (FS4N) and co-founder of Sustainability Education 4 Nonprofits (SE4N). Before starting FS4N, Mike had 30 years Public Accounting Firm experience managing not-for-profit business, fiscal and financial services consulting specialty group. He has been designing strategies and teaching budget and projection-based systems and fiscal and financial management enhancement strategies for over 30 years. He has conducted numerous seminars and has written articles on budgeting, operating reserve and investment policies, financial management, fiscal sustainability, leading economic indicators for nonprofits, and the impact on governance and transparency and accountability.

Mr. Gellman teaches courses and has made presentations for Georgetown University, the U.S. Chamber of Commerce Foundation's Institute for Organization Management, American Institute of Certified Public Accountants (AICPA), many State CPA Societies, the Center for Nonprofit Advancement, and for national nonprofit organizations such as the National Urban League, Volunteers of America, and many other nonprofit organizations.

He can be reached at mgellman@fiscalstrategies4nonprofits.com .

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