directors

The Wheel Welcomes New Board Members

Submitted by gackermann on 30 May 2011 - 1:06pm

Three new directors were elected to The Wheel's Board at the organisation's annual general meeting (AGM) on Thursday 26 May.

Cost Cutting and Making Ends Meet

Engage all your staff in looking for solutions... 
If as is usually the case, there is a shortfall between what you forecast you can earn and what you need to spend in the coming year, you have to find ways of closing the gap. If you can raise more income, well and good, but note if that has associated costs and provide for them in the expenditure part of the budget.

Efficient Financial Planning

If you can tighten up on your debtors and manage your creditors better, you may be able to release some extra cash in the organisation.... 

Some Simple Rules...

Some people are paid monthly and organise their own finances to pay the big bills – credit card and mortgage just after the salary cheque comes in.

Financial Responsibilities

 Keeping detailed records, on receipt, of all monies received...

Each organisation has significant financial responsibilities that must be taken seriously. These include:

Monitoring Results

You may need to make further cuts as a result or make other changes in your operations...

There is no point in planning your budget and in gathering the information if you do not use it. You should keep simple spreadsheets of actual expenditure and income and actual cash flow if you do not have a bookkeeper/accountant do this for you. Have a review each month of your own numbers, even if you have an accountant to prepare quarterly management accounts only. Keep a very close eye on the cash balance, but also on the numbers generally – are they up or down on expectations in the budget – why?

Guidelines on Reserves Policies for Charities (March, 2012)

Income needs to be spent in a particular year unless it has already been agreed with the Revenue Commissioners as to why it will not be spent in that particular year.

What are Charity Reserves?

For the purposes of this document reserves can be understood as income that becomes available to the charity and is to be expended at the discretion of the Board

Finance

 Good financial management will keep your organisation efficient and effective...

Management vs Governance

The larger an organisation is, the easier it is to define the boundaries...

Understanding the differences

The governing body must govern; that is, it must provide leadership and strategy and must focus on the 'big picture'.

Budgeting

Find out as much as you can about what is to happen and use your judgement as an organisation to work out a best case and a worst case scenario... 

 

Responsibilities of Governing Body

 The specific responsibilities of company directors include complying with the Companies Act...

 Responsibilities of the governing body as a whole

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