This page explains what those involved in the financial management of a voluntary organisation need to consider in light of the covid-19 pandemic.
It highlights government guidance and signposts to practical resources that will help you to understand and protect your organisation’s financial position,
make decisions and plan for the future,
ensure your organisation’s financial sustainability and prevent fraud.
This section is primarily aimed at those that oversee and manage an organisation’s financial resources namely trustees, treasurers, senior staff and financial managers.
Financial management
- Your charity’s beneficiaries should be at the forefront of any decisions you make about your charity’s finances.
- Whatever decisions you make, you'll need to be able to communicate these clearly to beneficiaries, supporters, staff and volunteers.
- In order to help you understand your charity’s financial position, create a plan and make decisions, the Charity Commission’s guidance on managing financial difficulties in your charity caused by coronavirus suggests three key steps.
- Consider your current financial position
- Consider options for minimising costs and protecting and increasing income
- Keep your charity’s operations and finances under regular review
- For more information about issues you may be facing in terms of financial reporting, read our Knowhow guidance on financial governance and solvency.
- The Charity Finance Group has information about how you can access expert support from their corporate members.
- Good Finance has a hub full of tools and resources to help you manage your organisation’s funds and investments.
Prevent fraud
- Voluntary sector organisations have an increase in coronavirus-related scams during the course of covid-19.
- You need to think carefully about how to minimise the risk of your charity becoming a victim of fraud or cyber attacks.
- To help you tackle fraud, the Fraud Advisory Panel, has developed a guide on keeping your charity safe in the pandemic and beyond.
- If your charity has been a victim of fraud or cybercrime, you should report it to:
- Find out more about improving your organisation’s cybersecurity, in our help and guidance on five steps to cybersecurity every group needs.
