It is the board of directors that has highest level of responsibility and accountability when it comes to managing the money their organization receives and uses. What does the exercise of their financial duty usually look like? More importantly, what could it look like?
It is common for the board financial report to be a spreadsheet detailing monthly revenues and expenditures compared to the budget. This sometimes causes board members’ eyes to glaze over, or for a particular director to latch onto a particular line item and take the group down a rabbit hole.
Surely the board financial report, or reports, can be more effective and meaningful to all involved. In this post I offer some suggestions. I think less frequent and time-consuming reporting could be perfectly fine for some organizations. Find out if you are one.