7 Questions
Who is responsible for day-to-day financial management at HODI?
The Executive Director
What is the purpose of the financial management policies established by HODI?
To ensure accountability to stakeholders
Who is ultimately responsible for financial management at HODI?
The Board of Directors
How many authorized signatories are required for cheques or bank transfers?
Two
Does HODI allow borrowing funds from employees or directors without Board approval?
No
What does the Board of Directors do to ensure financial policies are in place?
Review financial reports
What does the policy established by HODI include guidelines for?
Capital assets, procurement, payments, and travel expenses
Study Notes
- The purpose of the document is to establish financial management policies for HODI.
- The policy aims to ensure efficiency, effectiveness and accountability to stakeholders.
- The Board of Directors is ultimately responsible for financial management.
- The Treasurer can act on behalf of the Board on financial matters.
- The Executive Director is responsible for day-to-day financial management.
- All cheques or bank transfers require the signatures of at least two authorized signatories.
- HODI will not borrow funds from employees or directors without Board approval.
- The Board ensures financial policies are in place and reviews financial reports.
- HODI complies with regulations and files annual reports.
- The policy includes guidelines for capital assets, procurement, payments, and travel expenses.
Test your knowledge on financial management policies for non-profit organizations with this quiz! Learn about the roles and responsibilities of the Board of Directors, Treasurer, and Executive Director. Explore guidelines for capital assets, procurement, payments, and travel expenses. Ensure compliance with regulations and understand the importance of accountability to stakeholders. Put your skills to the test and see how well you know HODI's financial policies!
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