Financial Operations & Risk Management

Governors Round Table June 14th and 15th, 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