MIE Conference Session: Telling your Financial Story

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Presentation transcript:

MIE Conference Session: Telling your Financial Story Learning to Use Charts and Dashboards to Engage and Teach Board and Management in a fun new way can transform your board meetings into proactive forward looking conversations and assist in the timely identification of important trends.

Overview of Accounting System (1) Accounting Structure Overview of Accounting System Funding (Temporarily Restricted, Unrestricted/Undesignated) Funding Sources Federal: Local Government: Foreclosure Funds Accounting Policy & Internal Controls: General Cash Trust & Petty Cash Controls Cash Receipts Pre-numbered forms used for Trust Accounts Deposit Slips Pre-numbered & Prepared outside Dept.

Cash Disbursements Executive Director signs all invoices, expense reports, Credit card authorizations & check request, Journal Entries etc. All checks signed by 2 check signers Payroll Executive Director approves all Direct Deposit Fringe Benefits: Segregation of Duties & Internal Controls: Critical to prevent fraud as agencies are in danger from loss of cash and the potential loss of reputation, damage to donor relationships, negative publicity, loss of employees and even legal costs. Fraud is committed by individuals in authority, trusted and respected.

Proper Separation of Duties will: Proper Separation of Duties will: Increase integrity and dependence of reports Provide a positive public opinion of the Agency Protect the board and key employees from scrutiny Maintain morale & high professional standards Protect the Agency from the potential of theft, fraud or other financial loss. Staff: Personnel Support Staff Assistance

(2) Budgeting & Forecasting Budgets Operating Budget (1 year) Capital Budget (Property and Equipment) Board Investment Policy (2% of total revenue) Operating & Capital Reserve Fund Financial Reporting and Analysis Reports prepared for Board, management, Grantors and other stakeholders Overview and Economic Outlook News Flash Dashboard Financial Reports

Administration IT Risk Assessment, Data Protection & Policies Server Upgrade & Computer System Update Need a new Case Management System (Legal Server, PICA) Secure Email Structure Next Generation Firewall Data Encryption (pdf & Emails) Password – Changed Regularly Updated Antivirus Software to Prevent Hacking

Actual Revenue/Expenses By Year (2009 – 2017) 2009 2010 2011 2012 2013 2014 2015 2016 2017 Revenue 1545194 1739777 1777334 1650009 1383932 1440789 1478710 1693267 833496 Expense 1570389 1703519 1721998 1601947 1387047 1333339 1400935 1409791 997409