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Elements and Performance Criteria

1. Interpret financial reports
   • Ensure regular financial information is received from management in a form all board members can understand
   • Clarify purpose of financial reports and their key features with board members
   • Identify income shortfalls and expenditure overruns
2. Evaluate financial reports
   • Consider and discuss financial implications of reports with other board members and management
   • Compare data with previous reports and decisions
   • Compare year-to-date and end-of-financial-year data with budgeted outcomes
   • Seek independent advice where necessary
3. Recognise board responsibilities for assets
   • Identify statutory responsibilities of board members for assets
   • Identify funding body restrictions on the acquisition, use and disposal of assets
   • Comply with statutory responsibilities and funding body requirements on assets
4. Make decisions on finance
   • Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives
   • Prioritise financial decisions against organisational objectives
   • 4.3 Make decisions in accordance with the organisation's policy and legal and funding requirements
   • Ensure procedures are in place to document financial decisions
5. Approve expenditures
   • Check expenditure proposals are within budget and meet statutory and funding body requirements
   • Check the organisation’s current financial situation
   • Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation’s financial situation
6. Review financial decisions
   • Monitor outcomes and actions from decisions
   • Identify and monitor external influences on budgets and finances
   • Ensure procedures are in place to document variations to financial agreements