Financial Transparency & Fluency
In the midst of the many operations in a Pregnancy Center, Directors must also be fluent in the financial procedures. This fluency also enables us to exhibit complete transparency to our Donors and constituents. Across the nation in each center and/or medical clinic there are varying sizes of budgets and various procedures in the financial operations. Many are new centers and others have been founded for many years. Whether small or large in organizational size, we all possess the ability to ensure appropriate financial policies and procedures are in place. Accountability is a necessity. If having a bookkeeper on staff is not financially feasible, ensure that your bookkeeping methods are above reproach.
Here are a few tips. Having two people present when opening the mail and implementing a mail log to account for incoming checks is essential. Immediately endorsing checks with your center's account number and information is key and to be locked in a safe place until deposits can be made. Implement a financial policy that states that person #1 opening the mail is different from person #2 that prepares the deposit. This is accountability which produces transparency. The Evangelical Council for Financial Accountability (ECFA) is a great source of education in this area.
Keeping good financial records is a necessity. If utilizing bookkeeping software, utilize the report center and monitor your organization's reports. Remember that when there are important financial decisions to be made, there is wisdom in a multitude of counselors, Proverbs 15:22.
Please feel free to contact me if I can assist you or with any questions about implementing a mail log or financial procedures.