Reimbursing Members & Policies

MSAE's Financial Networking Group met today to discuss reimbursement policies and procedures - what works, what doesn't and how we can be more efficient.  Here are the top takeaways:

• Have your cancellation and expense policies in writing - and be specific on what can be expensed and what can not - for example, first class airfare, limo transportation, spouse travel, specific date for cancellation, etc.  
• Sample Expense Reimbursement Policy from the MN Attorney General's Office
• Receipts, Receipts, Receipts - Require Them! 

Form 990 & Internal Control

MSAE's Financial & Accounting Networking Group met today to discuss Form 990 and learn from each other's experiences. Below are the top takeaways from the meeting:

1. Changes to Form 990 for 2011
   
2. Visit GuideStar online to view Form 990's - it's all online and easily accessible.
   
3. If board member recommends friend/family member for service, probably in best interest to avoid due to conflict of interest policy.
4. "It's okay to be on the leading edge, not the bleeding edge"

The group will meet again on May 10 at The Harrington Company to discuss budgeting and UBIT, visit MSAE's Calendar of Events to register.

Board Orientation Best Practices

MSAE's Financial & Accounting Networking Group recently met to discuss board orientation best practices, from a fiduciary perspective. Here are the top takeaways from the meeting:

1. Include a confidentiality section as part of your board orientation and policies.
2. Post minutes, board packets and policies online - it will save you time and money!
   
3. You must have D&O insurance and make sure check what it covers - limits, etc.

The group will be meeting again in 2012 - stay tuned for meeting dates.

New Year. New Board

As we head into a new year. Here's some tips on working with your board:
Establish parameters with them; communicate frequently.
Be flexible and willing to change.
Anticipate board questions, know their hot buttons, learn their personal motivations.
Know what hill you are willing to die on.
Create an environment of trust so that real teambwork happens.
Develop your listening skills.
Invest the time and resources to train the board to look to the future.
Be consistent.

Expectations and boards

Don't let expectations ruin your relationship with your boards. Make sure that the expectations are stated and understood.
Recruit well
Provide job descriptions
Get a commitment up front
Conduct orientation
Communicate frequently
Be flexible and willing to change directions
Be honest. Be open.
Be consistent.
Provide training.
Use Roberts Rules of Order.
Pick you fights (Decide which hill you will die on).
Every board is of course unique. Pay attention to the expectations, spoken and unspoken, to ensure your success in the future.