Introduction:

This program explores international best practices, board procedures and board evaluations. It defines the role and authority of a board and the relationship between board performance and its structure and membership. Case studies are used to analyze the board’s function. Other topics featured in the course include CEO selection and evaluation for Directors and succession planning.

Objectives:

  • Understand Financial Stewardship Principles
  • Learn how to manage financial resources responsibly to achieve organizational goals.
  • Develop Accountability in Financial Management
  • Implement transparent practices to track, report, and evaluate financial activities.
  • Master Budgeting and Forecasting Techniques
  • Create realistic budgets and financial forecasts for short- and long-term planning.
  • Ensure Compliance and Risk Management
  • Understand regulations, internal controls, and practices to minimize financial risks.
  • Analyze Financial Statements and Reports
  • Interpret key financial reports (balance sheets, income statements, cash flow) for decision-making.
  • Enhance Strategic Financial Planning
  • Align financial strategies with organizational objectives and sustainability goals.
  • Implement Performance Measurement and Continuous Improvement
  • Use KPIs and financial metrics to assess performance and drive improvements.

Course Outline:

Module 1:  Introduction to Financial Stewardship

  • What is “financial stewardship”?  
  • Defined organization vision and mission. 
  • Internal and External resources 
  • Policies, procedures, and processes. 

Module 2: Board of Directors Role

  • Overarching principles of sound fiscal management 
  • Analytical tools
  • Decision rules  to accumulate, monitor and evaluate resources to achieve the mission. 

Module 3: Principles of Financial Stewardship

  • Mission Fulfillment 
  • Financial Health 
  • Financial Accountability

Module 4: Challenges of Financial Stewardship

  • Public Value
  • Resource Management
  • Distributional justice
  • Efficiency and Effectiveness 

Module5: Financial Viability

  • Short Term Balance – Liquidity
    • – Profitability
    • – Intergenerational Equity
    • – Asset Maintenance
    • – Funded Commitments
  • Long Term Balance – Sustainability
    • – Solvency
  • Risk Management
    • – Key operational, financial, and investment-related risks 
    • – Contingency plans
    • – Unused Capacity
  • Investment Decisions
  • Human Resources and succession planning 

Module 6: Financial Accountability Key questions

  • Accounting Reliability and Relevance
  • Internal Controls
  • Financial Accountability
  • Compliance
  • Consistency
  •  Transparency and financial disclosures
  • Auditing- external and internal audit activities
  •  Enforcement