July 24, 2009

Weitzman reaches out to nonprofits with financial guidelines brochure

Nassau County Comptroller Howard Weitzman is providing nonprofit organizations with a brochure that spells out some important financial guidelines to assist them in performing their organization’s work, while also assuring that they do not become vulnerable to any financial pitfalls.

"Nassau is fortunate to have dozens of nonprofit organizations that contribute substantially to the quality of life for our residents by providing services for children and seniors and caring for the sick,” said Weitzman. “During these tough economic times, nonprofits must do even more to thrive and survive. This brochure will provide them with some important information.”

According to Weitzman, all nonprofits should have policies and procedures in place, enabling their boards of directors and officers to manage assets properly and carry out the purposes of the organization.

"Financial controls and written policies will safeguard and protect an organization’s assets,” Weitzman said.

The brochure states that policies should address daily operations and financial management; including accounting, personnel, fraud reporting, and quality assurance. Board members should also institute a code of ethics and a conflict of interest policy and require an audit committee to review financial records annually.

The brochure also addresses the subject of what to do if fraud, theft or embezzlement should occur within an organization.

"All instances of fraud or theft are significant,” Weitzman said. “It does not depend on the dollar amount. Fraud should always be reported to the proper authorities.”

For more information about the brochure, or to receive copies, call 516-571-2677.