What Is Critical Info To Document?

It’s day two of the Nonprofit Power Week series, and Beth Farley, a CPA and partner at Eide Bailly, discusses the critical roles documentation plays in ensuring accuracy, compliance, and transparency within nonprofit organizations. She highlights the need for clear policies and procedures that cover financial and non-financial aspects of operations. One key quote from Beth during the discussion is, "If it's not documented, it did not happen." She emphasizes the importance of documenting key information such as client numbers, financial data, and procedures. Beth also discusses the three C's of documentation: concise, correct, and current. Beth and the hosts jump into topics like the timing of documentation updates, the involvement of various team members in the process, and how documentation can help mitigate fraud risks. They also touch upon the need for consistency and accessibility in documentation practices. Beth suggests starting with the riskiest areas and gradually documenting processes, making it a priority even if resources are limited. The conversation concludes with the idea that documentation should also play a role in performance reviews to ensure accountability and clarity of roles within the organization.

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