Fiduciary Responsibilities of the District

Fiduciary Duties of District Board Members One of the main responsibilities of board members is to maintain financial accountability of their district. Board members act as trustees of the organizations assets and must oversee to make sure that they are well managed and that its financial situation remains sound. Board Treasurer has the responsibility to review all financial records and reports and suggest any changes needed.

Available Funding Mechanisms Conservation Districts have many partnerships that provide various funding opportunities. State, Cities & Counties Match Funding Interested Business Owners Individual Landowners Government Agencies Fundraising

Grants, Contracts & Bidding Districts have the opportunity of securing monies for conservation projects through grants. Applying for grants requires need and solid commitments. Grants are available through Federal, State and Private Foundations.

Financial Policies and Procedures Accounting & Budget Policy Checks & Payables Deposits Timesheets & Recordkeeping Audits & Reports Assets & Investments Training

Budgeting and Allocating Resources The budget creates the framework for all program management and overall administrative decisions. Securing necessary funding is part of a viable budget. Examining financial statements regularly, comparing actual figures to the projected ones, allows the board to stay on track.

Audit Requirements A conservation district whose annual expenditures exceed $250,000 must have a full and complete audit. A district whose expenditures exceed $100,000 but do not exceed $250,000 may elect to have its financial statements audited on a biennial basis rather than yearly. A district whose annual expenditures do not exceed $100,000 has no audit requirements but may have an audit upon supervisors request.

Importance of financial Planning Financial planning is crucial for insuring the future of the Conservation District. Annual and five-year plans help in budgeting for future needs of the district. Short Term planning is essential to know if a revision in the course of action is needed. Long term planning is important in assessing the financial situation of the district.

Internal Controls Internal Controls are a set of policies and procedures to prevent deliberate or misguided use of funds for unauthorized purposes. Internal controls help to provide reliable data by ensuring that information is recorded in a consistent way that will allow for useful financial reports. Periodic reviews are recommended.