AORE Finances 101
In order to successfully carry out its mission, it is important for AORE to be financially
sustainable. To this end, AORE has developed policies, practices, and structures to ensure the
continued financial health of the organization. This article will provide an overview of how the
AORE manages its finances.
Roles and Responsibilities
Responsibility for AORE’s finance do not lie with one individual or group, but are shared
between the Board of Directors, Executive Director, and Financial Advisory Committee. This
ensures financial decisions align with national, state, local, and AORE policies, are thoroughly
vetted in terms of impact on the AORE fulfilling its mission, and proper oversight is conducted.
Board of Directors
The Board of Directors has a fiduciary responsibility. As stated in the Board Packet signed by
all board members:
“I understand that I have a fiduciary responsibility to oversee the finances of AORE and
to protect its nonprofit status. To fulfill my fiduciary responsibility, I must be fully
knowledgeable about the Association. For that reason, I pledge to make myself aware
of generally accepted accounting principles, read and understand AORE’s financial
reports, committee reports and other documents pertaining to the operations of AORE,
and devote the time necessary to stay current with Association affairs. If necessary, will
obtain additional information from the staff to fulfill this obligation."
In fulfilling this role, the Board has several key areas of oversight. First, the Board must vote
within 60 days from the start of the fiscal year (March 1st) to approve the Association’s annual
operating budget. Additionally, the board monitors the performance of the organization against
the budget through a review of quarterly financial reports prepared by the Executive Director.
The Board is responsible for determining the Association’s strategy and setting annual goals
that the Executive Director operationalizes. As part of this role, the Board understands that
some programs may need to be cut or redistributed to free up resources to support the strategic work.