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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.
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.
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."
AORE Finances 101
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.
Roles and Responsibilities
Board of Directors