Financial Policies and Procedures for the Mentor Me Now Foundation
Introduction
The Mentor Me Now Foundation (MMNF) strives to maintain the highest standards of financial management practices. This policy outlines our commitment to financial accountability, transparency, and integrity.
Budgeting
- MMNF maintains an annual budget that the Board approves of the Directors.
- The budget includes planned expenses for programs and services, fundraising, and administrative costs.
- Budget adjustments are made only with the approval of the Board of Directors.
Financial Management
- MMNF maintains accurate and complete financial records regularly reviewed and audited by an independent auditor.
- MMNF has designated individuals responsible for financial management, including record keeping, disbursements, and deposits.
- MMNF operates a financial management system compliant with all applicable state and Federal regulations.
Expenses Management
- MMNF requires that all expenses be authorized, documented, and approved b established policies and procedures.
- MMNF maintains receipts and other supporting documentation for all expenses.
- MMNF maintains a system of checks and balances to ensure that expenses are reasonable, necessary and incurred in furtherance of MMNF's mission.
Revenue Management
- MMNF maintains a system of internal controls over its revenue collection process.
- MMNF requires that all donations and other contributions be properly recorded and deposited in a timely manner.
- MMNF accepts only properly documented donations.
Investments
- MMNF has a policy for investing its reserves, which is reviewed and approved annually by the Board of Directors.
- MMNF invests its reserves with an emphasis on capital preservation and liquidity.
- MMNF works with qualified investment professionals to manage and advise on investment activities.
Reporting
- MMNF provides regular financial reports to its Board of Directors and stakeholders that detail the organization's financial status, activities, and progress toward its goals.
- MMNF prepares an annual report that includes financial statements, donor recognition, and other relevant information.
Conclusion
MMNF is committed to maintaining the highest standards of financial management and integrity. Through our Financial Policies and Procedures, we ensure that our financial management activities are consistent with our mission and values, and are transparent, accountable, and ethical. We take seriously our responsibility to safeguard our financial resources and maintain the trust of our donors and stakeholders.
