At every regular meeting the board should evaluate financial information and update their understanding of the organization’s financial condition.

Financial information should always include a balance sheet and an operating statement (sometimes referred to as an income and expense statement). These financial reports should be presented at each board meeting.

There should be policies concerning the distribution of funds including the signing of checks, expense approval procedures and accounting for operating and designated funds (adequate paper trails).

Charitable contributions must all be properly substantiated.

Reports at every board meeting are the means used to provide Board oversight in the area of finances.

Both state and federal governments require non-profits to file reports and information returns in a timely manner.