How to ensure your board is financially competent
It is obvious to assume that more charities should have a formal process to ensure their trustee board has high financial competency – but first, it is essential to confirm this need.
In a survey undertaken by the Charity Finance Group and MHA in 2018, 85% of charities considered it would be beneficial for their trustees to have a better understanding of strategic financial governance matters. In addition, 92% considered it was important to have more than one person on the trustee board to be engaged with the charity’s finances.
Our ‘how to’ guide looks at the factors involved in trustee competency. It gives practical guidance on how to diagnose competency, secure commitment from trustees, as well as establishing the right skill sets on your board.