Every organization evolves. Boards turnover, communities change and reporting requirements receive updates. Not-for-profit organizations need to make continuous adjustments at every level of their operations in order to keep pace with shifting responsibilities.
Approaching updates with a “housekeeping” frame of mind may help your organization make the minor adjustments it needs to meet any new requirements. Periodic reviews of financial statement reporting processes, bylaws, board policies and mission statements help identify discrepancies between what the organization says it’s doing on paper and what activities it puts into practice.