Having consistent internal controls set in place is a fundamental practice in stewarding church funds for the mission. Internal controls also provide protection to the employees. Although employees might push back against unsupported accusations of fraud that could arise, small consistent policies and procedures can help protect employees and the church.
In comparison to any other time in history, our world is changing at an explosive rate. Some changes come banging on our front door without any warning. While other changes stem from desires that we may be uncertain on how to bring to fruition. Needless to say, the problem in this day in age is not options or opportunity!
Each NFP has the ability to choose what kind, where, and how they want to place controls in their process. No matter the selection, it is good practice to have a combination of preventative and detective controls.
Every person within a team has a valuable perspective. Part of our perspectives are formulated by the roles and responsibilities that we have. While another big aspect is shaped by personal experiences, behaviors, realizations, and aspirations.
As a result of having a HUD-insured mortgage loan, there are rules and regulations that need to be followed to remain in compliance. When certain requirements are violated, the result can be a finding in the annual audit to be filed with Real Estate Assessment Center (REAC) within the Financial Subsystem Assessment (FASSUB).
No matter the depth of a question, it will hold significance. This is because with every question comes an acknowledgment of somebody else. When you take time to notice somebody else and express an interest in them, you have taken a step towards connection.
Gifts or donations given to your organization are synonymously referred to as contributions or in-kind contributions. In this blog we will offer procedures that will help you set your financials up well and strengthen your relationships with donors and the community you serve.
Though employee fraud and dishonesty is rarely foreseeable, it is always possible. In order to protect your United State Department of Agriculture (USDA) – Rural Development (RD) property, you will want to understand what fidelity bonds are and how you should be calculating yours.
For-profit HUD projects are given the opportunity two times a year to distribute surplus cash to the owners involved in the property. These biannual distributions always depend on calculating the property’s surplus cash and must be in correspondence to the guidelines established in the HUD regulatory agreement.
If you’re like many affordable housing property owners or managers, you’re likely swimming in paperwork and files, desperate for decluttering. While there are many documents you can dispose of, there are many that are critical to your property’s compliance and legal obligations.