All divisions must hold themselves accountable to various stakeholders
for properly managing the funds they receive. Firstly, they must ensure
that the board has all of the information necessary to confidently
interact with a wide variety of parties including its own staff, the
provincial Divisions office, funders, partners and other stakeholders.
Each has a vested interest in how the division uses its funds to achieve
its intended goals.
There are several ways that a division has
to be financially accountable including, but not limited to, compliance
with legal requirements, how the division organizes its personnel, how
the board and staff relate to each other and how various funds are
managed and reported.
Ultimately, the division must ensure that
it can complete its due diligence and report accurately to its funders,
partners and stakeholders.
Some divisions that have been
successful with their financial accountability efforts offer their ideas
and resources. If your division is facing financial challenges or wants
to improve its financial management, these resources can be used as a
reference or provide some insight and ideas.
In the case
studies, click on the highlighted text to access other resources such as
role descriptions, job descriptions, process descriptions and
terminology definitions that may help you understand and broaden the
scope of the story.
Tell us about a financial accountability challenge
you’ve encountered that you feel
other divisions may benefit by knowing about or give us your feedback
on these resources.