Description
Standards for Excellence 3.0
29 Financial Policies
29.1 Why financial policies are needed 7
29.1.1 Who uses financial policies (board and staff) 7
29.1.2 Establishing what financial policies are needed for the size and complexity of an organization 7
29.2 Policies versus procedures 8
29.3 Financial Policies in the Standards for Excellence Code 9
29.3.1 Financial Policies Addressed in the Standards for Excellence Code 9
29.3.2 Investment Policy 9
29.3.3 Internal Controls 11
29.3.4 Procurement 13
29.3.5 Unrestricted Current Net Assets 15
29.4 Additional Financial Policies to Consider 15
29.4.1 Reimbursement policies 15
29.4.2 Policies addressed in Form 990 15
29.4.3 Additional Helpful Policies 16
Selected Resources for Financial Policies 17
Attachments 18
Attachment 29A1: Sample Investment Policies 19
Attachment 29A2: Sample Investment Policy 20
Attachment 29A3: PA Sample Investment Policy with the Fiduciary Responsibility of the Board Perspective 32
Attachment 29B: Guidelines for an Internal Controls Policy 51
Attachment 29C: Practical and Almost Painless Approaches to Improving Internal Controls 62
Attachment 29D: Model Procurement Policy 65
Attachment 29E: Sample Policies on Unrestricted Net Assets 69
Attachment 29F: Sample 990 Policy 70
Attachment 29G: Internal Controls and Federal Tax Exemption Basics for All Volunteer Organizations 71
