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Questions and Answers
Who is responsible for day-to-day financial management at HODI?
How many authorized signatories are required for cheques or bank transfers?
Can HODI borrow funds from employees or directors without Board approval?
Who ensures that financial policies are in place and reviews financial reports?
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What is the purpose of the financial management policies for HODI?
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Who can act on behalf of the Board on financial matters?
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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.
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Description
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!
