Financial Policies

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Effective Date: November 12, 2023
Last Updated: March 20, 2026

1. Purpose and Commitment

Mentor Me Now Foundation is committed to maintaining the highest standards of financial stewardship, accountability, transparency, and integrity. These Financial Policies and Procedures establish the framework for responsible management of financial resources in support of the organization’s mission and long-term sustainability.

The Foundation recognizes its responsibility to donors, sponsors, partners, and the communities it serves to ensure that all financial activities are conducted ethically and in compliance with applicable laws and nonprofit governance standards.

2. Budgeting and Financial Planning

The Foundation shall prepare and maintain an annual operating budget that reflects projected revenues and planned expenditures related to programs, fundraising initiatives, and administrative operations.

• The annual budget must be reviewed and approved by the Board of Directors.
• Budget performance shall be monitored periodically to ensure alignment with organizational priorities.
• Material budget adjustments require appropriate leadership review and, when necessary, Board approval.

Strategic financial planning shall support both short-term program delivery and long-term organizational sustainability.

3. Financial Management and Recordkeeping

Mentor Me Now Foundation shall maintain accurate, complete, and timely financial records in accordance with generally accepted accounting principles and applicable regulatory requirements.

Financial management responsibilities include:

• Designation of authorized personnel responsible for financial oversight
• Maintenance of accounting systems and documentation
• Timely reconciliation of bank accounts and financial statements
• Periodic financial review and, when appropriate, independent audit or financial examination

These practices help ensure reliability of financial reporting and protection of organizational assets.

4. Expense Authorization and Management

All organizational expenditures must be:

• Mission-aligned, reasonable, and necessary
• Properly authorized in accordance with established approval thresholds
• Supported by appropriate documentation such as invoices, receipts, or contracts
• Recorded accurately within the financial management system

The Foundation shall maintain internal controls and segregation of duties, where feasible, to reduce the risk of financial error or misuse.

5. Revenue Collection and Management

The Foundation shall implement internal controls governing the receipt, recording, and deposit of all revenue, including donations, grants, sponsorships, and program-related income.

Financial procedures include:

• Timely recording of contributions and issuance of donor acknowledgments
• Secure handling and prompt deposit of funds
• Documentation supporting all revenue transactions
• Periodic reconciliation to ensure completeness and accuracy

These practices promote financial transparency and donor confidence.

6. Reserve and Investment Management

Mentor Me Now Foundation may maintain financial reserves to support operational continuity, strategic growth, and risk mitigation.

Investment of reserve funds shall:

• Prioritize capital preservation and liquidity
• Be reviewed and approved periodically by the Board of Directors
• Be guided by prudent financial management principles
• Involve consultation with qualified financial advisors or investment professionals when appropriate

7. Financial Reporting and Accountability

The Foundation shall provide regular financial reports to the Board of Directors and relevant stakeholders outlining:

• Current financial position
• Revenue and expenditure activity
• Budget performance
• Progress toward financial sustainability goals

An annual organizational report may include financial statements, program highlights, donor recognition, and impact summaries to promote transparency and public trust.

8. Compliance with Laws and Regulations

Mentor Me Now Foundation shall comply with all applicable local, state, and federal laws and regulatory requirements governing nonprofit financial operations, reporting, and tax obligations.

9. Policy Review and Continuous Improvement

These Financial Policies and Procedures shall be reviewed periodically to ensure effectiveness, regulatory compliance, and alignment with organizational growth.

10. Conclusion

Mentor Me Now Foundation is dedicated to safeguarding its financial resources through responsible planning, ethical management, and transparent reporting. By maintaining strong financial controls and governance practices, the Foundation reinforces donor confidence and supports the sustainability of its mission-driven programs.

Approved By:
Dr. LaTonya Miller
Executive Director
Mentor Me Now Foundation