Detroit District Denal Society Finance Committee

Last revision 10/22/2022

This information is for the finance committee reference information for upcoming meeting.

Meeting A: Reports and current background on investments for investment recommendationsMeeting B: B. Operational planning and Lease Discussion (Note office lease expires Oct. 23, 2022) Meeting C: Informational reports, budgeting for 2023, and final action items
Agendas have been prepared for the meetings and will be published when meeting dates are selected and sent out with additional information for each meeting.  

Dates of meetings 

Conduction a Doodle poll to find three times to meet. Each meeting for one hour to one hour thirty minutes if they go over.  The choices are as follows: 
Friday, November 11, 2022 - 12noon or 4pm
Friday, November 18, 2022 3pm
Saturday, November 19, 2022 at 10am or 2pm
Friday, December 2, 2022 12noon or 4pm
*** Note if daytime meetings are not the best selection will look at evening during the week afterwork. 

Background Information:

Articles from American Society of Association Executives 
5 Things to do before before your Association Moves
5 Elements of a post pandemic workforce strategy for associations
Theft and Embezzlement_ A Diligence Checklist

Book. How to Read  Nonprofit Financial Statements (Loan from Marcy Dwyer, 50 pages)

Website article:

https://nlctb.org/tips/financial-management-for-nonprofits-the-role-of-the-nonprofit-finance-committee/

 

What kinds of questions should nonprofit finance committee members be asking?

One of the most important things that nonprofit board and finance committee members can do is ask insightful questions. Members shouldn’t just rubber-stamp financial documents; they need to understand what they approve because they have fiduciary responsibility for the nonprofit organization.

Here are some questions board and finance committee members should continually pose to the executive director or CEO and staff leadership:

  • Do we have enough cash inflows to cover operations, or are we living off reserves?
  • Do we have enough cash on hand to cover at least three months of operating expenses?
  • What portion of our funds are we spending on program activities?
  • Are we raising funds from a diverse array of donors and sources? Are we relying too much on grants? Are we growing our donor base?
  • How much does it cost for us to raise a dollar?
  • How much are we spending on administrative expenses?

 

 

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