Principle 4B: Financial Management eLearning Course
Course Description
Nonprofits have an obligation to act as responsible stewards in managing their financial resources and must always comply with a diverse array of legally required financial regulations. Funds are a crucial resource for the nonprofit and must be obtained and managed effectively and ethically. A nonprofit organization’s fundraising program should be grounded in truthfulness and responsible stewardship.
The following best practices will be covered:
- The nonprofit complies with all financial regulations, such as withholding and payment of federal, state, and Social Security taxes and the management and use of restricted funds.
- The organization is registered with the WV State Tax Department and the WV Business Division.
- The nonprofit completes the annual IRS Form 990.
- The organization has audited financial statements if its gross revenues exceed $200,000, or if otherwise required.
- The organization periodically assesses the need for an audit of financial statements. A decision to forgo an audit must be approved by the board of directors and shall be reflected in the minutes for the meeting at which the approval was made.
- The organization has a system in place to protect individuals who report financial misconduct from any negative repercussion for doing so.
- Consistent, timely, and accurate financial reports are prepared on no less than a quarterly basis.
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