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    Practice Element 3A2: Board Financial Oversight

    Posted 2017 Updated March 21
    Source
    Land Trust Alliance
    About This Practice

    This guidance covers Practice Element 3A2, which includes five elements:

    ⬤ The board provides oversight of the land trust’s finances and operations by:

    1. ⬤ a. Reviewing and approving an annual budget

    2. ▲ b. Working to ensure that sufficient financial resources are available

    3. ⬤ c. Receiving and reviewing financial reports and statements in a form and with a frequency appropriate for the scale of the land trust’s financial activity

    4. ⬤ d. Reviewing the externally prepared financial audit, review or compilation

    5. e. Adopting written policies or procedures for the responsible and prudent investment, management and use of financial assets

    ⬤ Accreditation indicator element | ■ Terrafirma enrollment prerequisite | ▲ Required for both

    March 2023: Updated accreditation requirements for board review of financial reports under Practice Element 3A2c.

    © 2017–2023 Land Trust Alliance, Inc. All rights reserved.

    Membership Required

    This resource is a Land Trust Alliance member benefit for the staff, board and volunteers of land trust and affiliate member organizations, and Alliance donors at the Protector level.