1. Financial Operations & Risk Management Governors Round Table June 14 th and 15 th, 2015

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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 required Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management

8. 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

9. 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 Michelle.evans@aon. com Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management,

10. 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

11. Thank you!!! Soroptimist Governors Round Table | July 27-28, 2014 | Financial Operations and Risk Management