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The balance sheet – also called the Statement of Financial Position – serves as a snapshot, providing the most comprehensive picture of an organization’s financial situation

Does your organization have one finance committee that carries out all of the duties associated with financial oversight? Or do you have separate finance, audit, and investment committees? BoardSource recommends that organizations that conduct an independent audit have a separate audit committee or task force for added accountability. Separate investment committees are needed when an organization accumulates sizable reserves, manages an important planned giving program, or has an endowment that requires special attention. A board that is able to separate its various financial tasks among individual committees or task forces often is in a better position to focus on key duties for each.

Smoke detectors chirp. Automobile dashboards use an array of lights and colors.Computers flash messages in machine language. What do all of these things have in common? They are all methods of telling us when something we are using is about to stop working or go bad.