It's about oversight and accountability
You’ve just joined the board of directors of a local charity, service agency, or non-profit. You’ve attended a couple of meetings, had some input, listened to what your other board members have to say and your photo and bio are on the “Our Board” section of the website.
Take, for example, the recent sentencing of a former financial manager at the Elizabeth Fry Society here in Prince George. Rhonda Lee Bailey used two of the group’s credit cards to run up $240,000 for her own use and covered it up by falsifying business records. This was a particularly crafty crime, carried out by someone on the inside who knew how to manipulate the system. That’s why boards of directors are needed for agencies like Elizabeth Fry and others. The directors are not financially involved and have no loyalty to staff or management. They are there to represent the community and help guide the organization to be its best. In this case, financial oversight was lacking, and the crime was allowed to occur over a long period.
The alarm went off via audited financial statements, which found that as of the end of 2023, the society incurred a net deficit of $417,332 in 2023, with liabilities exceeding assets by $364,609. As of the end of the first quarter of 2024, the museum was showing $11,946 in revenue over expenditures, $55,324 lower than targeted. Operating expenses were expected to exceed revenue by $57,080 in the second quarter.
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