Clear procedures are needed to ensure that the trustees of A Chance for Change have the tools and skills to ensure effective financial management takes place.
We must provide a means of balancing projected expenditure against projected income and ensuring resources are allocated fairly.
We also must provide a structure for monitoring and controlling expenditure and allow authorized budget holders the flexibility to manage their respective budgets within the limits laid down by the board. Lastly, we need to ensure that funds cash flows can be effectively and efficiently managed to ensure that there are always sufficient accessible funds available to meet A Chance for Change’s financial commitments as they arise.
Financial management is more than just ensuring there is sufficient cash and keeping to budget, it also involves