Sound financial management

 

Writing a budget is one thing. The ongoing financial management of a series of different grants and fundraising efforts, set against outgoings to contractors and other project expenditure is another thing altogether.

Finding someone to manage the financial aspect of the project is vital. But, you need to make sure you find the right person and that there are the right checks and measures in place to ensure good financial management from the offset.

Ceredigion, LLANDDEWI ABERARTH, St David

The right person

Put simply, the more complex the project (in terms of the amount of variety of income and expenditure), the more experience you need. Remember that this might be a defined role that a local person with expertise or a local company might take on as an in kind contribution to your project.

They will need to be fully conversant with the project plan, and understand both the funding breakdown, and individual grant funders' reporting requirements. Even if they are not reporting directly back to funders, they will be preparing financial information you use in these reports.

Parish Resources: appointing a treasurer

Diocese of Worcester: handbook for treasurers

The right checks

Even with the ideal person in post, you should ensure that you have strict guidelines for them to work within. This enables the project team to keep a check on the finances easily and without ‘making it personal’.

KnowHow Non profit: how to write a financial procedure