Board Integrity and Accountability
Boards need to act with integrity, be transparent and be accountable to their stakeholders, including staff and volunteers.
They need to ensure they have a good flow of information to help make decisions; and are safeguarding the integrity of financial statements and other key information.
They need to ensure they have a good flow of information to help make decisions; and are safeguarding the integrity of financial statements and other key information.
Board Integrity and Accountability
Boards need to have reports that give a good sense of
- How the organisation is tracking against its purpose and plans
- Its financial health
- Major strategic project reports
- Updates on any material risks
- Any important regulatory compliance and reporting obligation matters.
How much detail and structure of reports depends on the size, nature and complexity of your organisation’s operations.
A small organisation should, at a minimum, see expenditure against budget, cash flow projections and a current balance sheet.
The board is responsible for overseeing the integrity and assurance of the organisation’s financial position, performance and reporting.
To do this board members should have an appropriate level of financial literacy (be able to read a financial statement). Board should draw on external financial expertise to help and establish internal audit function.
If you are a registered charity there are specific requirements that you must meet. More information on their website. https://www.charities.govt.nz/new-reporting-standards/
Resources
Qualities of an Effective Charity
Conflict of Interest Register – Guide-How-to-use-a-conflict-of-interest-register