Monthly Financial Oversight Checklist

Purpose Framework | Financial Management | Checklist

Starter resource. Adapt before use. Informational only; not legal, accounting, HR, or other professional advice.

Use this agenda with the people responsible for financial oversight. It is a discussion aid, not an audit program or a substitute for advice from your accountant. Record the reporting period, reviewer, and follow-up owner.

Prepare the information

[ ] Confirm bank reconciliations are complete and reviewed by an appropriate independent person.

[ ] Gather the current statement of financial position, activity report, and budget-to-actual report.

[ ] Identify restricted funds and any restrictions that affect available cash.

Discuss the changes

[ ] Compare actual income and expenses with the budget; explain significant differences.

[ ] Review near-term cash needs, outstanding receivables, and upcoming obligations.

[ ] Discuss unusual transactions and confirm the required approvals are documented.

[ ] Check that financial responsibilities are appropriately separated, with compensating review where staffing is limited.

Close the loop

[ ] Record questions, agreed actions, owners, and due dates.

[ ] Refer concerns to the board or appropriate committee under the organization's procedures.

[ ] Store the reviewed reports securely and revisit open actions at the next review.

https://purposeframework.org/resources/financial-oversight-checklist