Managing charity money guide - managing money and other resources

An important responsibility for your board is to make sure the charity has the resources it needs to carry out its work – this ensures it can achieve its charitable purpose. One of the most important responsibilities of board members concerns gaining and maintaining funds and other resources (for example, volunteer time).

The board must work to gather the resources necessary for a charity to undertake its work, but also to ensure that they are protected from abuse and used in an efficient and lawful way.

Charity board members have particular duties under the ACNC governance standards, which the charity must ensure they are aware of and complete with, including duties to ensure that the charity’s financial affairs are managed in a responsible manner and that it does not operate while insolvent.

A related duty is to disclose conflicts of interest.

Board members are responsible for ensuring that they themselves are accountable, but also that structures and processes exist so that there is accountability throughout the charity, including in arrangements with other organisations (such as those that fundraise or deliver services). This is important as it helps to protect the charity’s reputation as well as its resources.

The board must be able to identify major strategic risks and ensure that there are systems in place to identify, manage and respond to risks throughout the charity, such as processes to manage any risk of fraud.