Financial Operations & Risk Management Governors Round Table June 14 th and 15 th, 2015.
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Transcript of Financial Operations & Risk Management Governors Round Table June 14 th and 15 th, 2015.
Global Financial Best Practices
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management
Financial policies
Clear role definition
Internal controls
Handling cash
Bank reconciliation
What are Internal Controls?
Systems of checks and balances
Assure integrity of financial assets
Prevent opportunity for fraud, theft or embezzlement
Best practice
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management
Why have Internal Controls?
Helps to prevent fraud or theft Sets an environment for control Helps identify a loss quickly to minimize
damage Provides members with assurance that
the organizations money and assets are safe
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management
Examples of Internal Controls
Procedures to keep cash and checks safe Regular financial reports Segregation of duties Two signers on a bank account Reconciliation of the bank statement Lock and key
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management
Region Financial Reporting
Effective July 1, 2014
Annual Financial Statement(s) to headquarters
Copy of all financial agreements $10,000 and over
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management
Insurance
Club Liability (Required) Protects club from injury or damage arising from
club activity. Includes events serving/selling alcohol (up to 500 attendees)
Management Liability (Region Required July 1, 2014; Club Optional)
Protects officers from lawsuits caused by actions taken by BOD
Regions/Clubs outside US and Canada Coverage expected by the country in which you
operate is requiredSoroptimist Governors Round Table | July 27-28, 2014 | Financial
Operations and Risk Management
When working with youth…
All clubs are insured for potential liability when working with youth through the club liability insurance
Signed release and background checks for members
Must follow state regulations Training Reporting on compliance annually
through the club record
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management
We have changed our Insurance Broker!
Insurance available in US and Canada:• • Club Liability Insurance• Management Liability Insurance (D&O)
Contact Michelle Evans, AON Michelle.evans@aon. com
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management
,
Resources Available
Members section of soroptimist.org
Sample club budget Club treasurer guidelines Club audit procedures 501(c)(3) Organizations information (US
only)
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management
Thank you!!!
Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management