Financial Management: A Conflict Of Interest Policy

958 Words 4 Pages
Nonprofit organization manager’s decisions depend on the boards of directors, the board of director members are responsible for overseeing and supporting nonprofit financial management, plans, and other decisions. The board members ensure the use of financial donations according with contributors’ agreement and the case mission statement. Therefore, a great system of safeguarding a legal or wise monetary management is through documentations, such as, financial policies. A conflict of Interest policy refers to the members involved in a conflict of interest; they disclose the conflict or the possible conflict and exclude board members, who are interested in voting on issues that are against the conflict of interest standards. Financial policies …show more content…
In the absence of an adopted policy, staff and Board members are likely to operate under a set of assumptions that may or may not be accurate and productive” (Nacional Council of Nonprofits, 2016). Therefore, a written policy may declare exactly what the organization accept as a gift. Also, donors understand the cause’s needs and expectations. A gift of receiving policy involves the type of donations, the agency accepts. This way, organizations do not take donations that affect its budget and values. For example, real state gifts may involve financial investments. In fact, it is wise to have a written gift policy. It will serve as evidence, when the agency is monitored by the IRS or other important government entities. Eventually, the gift policy will be post on the organization website, which is an opportunity to donors to research the agency’s standards (Nacional Council of Nonprofits, …show more content…
Strategic plan discusses (SWOT) analysis, to create an excellent approach. These four strategic factors help managers to define the organization’s situation, according the agency’s competition and functional environment. An organization’s plans based on strengths, weaknesses, opportunities and threats analysis result in successful strategies. In fact, strengths, weaknesses factors are considered internal, while, opportunities and threats are determined as external to the foundation. A SWOT analysis for non-government organizations determine strategies for financial development or fundraising (Greechie, 2016). The following paragraphs discuss (SWOT) analysis

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