Unit 7: Finance Lead
7.0 Budgeting, Compliance, Reporting
Providing leadership of key budgeting, monitoring, compliance and evaluation of the financial impact of the Project, this role is critical to the diligent delivery of the financial support to the chosen charities. As we are a charity, we are committed to diligent, thorough operations and adhering to important rules around compliance and governance. 10x10HQ will provide you with support to get you started early to set up and track all financial details of the Project. Prior planning will ensure that the work to reconcile, evaluate, report and close the event is efficient and therefore pay our charities as quickly as possible!
7.1 Key Tasks
The key tasks of the Finance Lead include:
Budgeting & Reporting
- Manage the Project Committee Finance Updates and provide regular updates on pledge/ticket, received donations.
- Use the template to prepare a simple budget to include the agreed financial goals. This will include target fundraising (pledges, raffle, auctions, donations, corporate sponsorship) and approved expenses. Unexpected costs to be managed with the Project Lead on a case by case basis.
- Track fundraising and expenses and deliver a simple financial update for each Project Committee meeting, including key budget milestones. Keep the Project Lead regularly updated on progress with progress, highlight key milestones (e.g. incoming sponsorships), issues or concerns.
- Access the budget, reconciliation and reporting template here.
Administration & Compliance
- Brief the team on record keeping and encourage compliance (particularly receipt keeping, expenses and reimbursement policies as per the Project Committee Volunteer Agreement).
- Ensure compliance through recording agreements, licences, insurance and key documentation in the Project Google Doc.
- Remain in touch with 10x10HQ for any concerns, questions or ideas for improvement for the systems and processes.
Event Finance Preparation
Preparation is key to the smooth event production because the culmination of the entire project is the moment when the fundraising grand total can be announced to your audience – therefore your calculations need to be fast and accurate on the night. Pre-populating the finance template (available in Unit 7.2. coming up) will ensure that you are ready for the addition of on-the-night donations, raffle ticket and auction money etc. so that you can provide the grand total at the appropriate time.
- Order, test and manage the mobile payment devices (e.g. Square), download the app and brief the team on use.
- Manage financial tallies for a live fundraising announcement to the audience before event close.
- Access the reconciliation template here.
Event Reconciliation and Evaluation
With record keeping before the event, the process of running a final check on your calculations should be simple. When you are happy with your finance spreadsheet, please send to firstname.lastname@example.org and 10x10HQ will work to have the charities paid as quickly as possible.
- Provide assistance for any donor who would like to further support one (or all) of the three charities beyond the event, or as part of 10x10HQ – with your help we can develop the relationship as part of our global mission.
- Ensure amounts raised at the event, outside of pledges (i.e. raffles, auctions etc.), are split evenly amongst charities – THIS IS EXTREMELY IMPORTANT.
- Every donation and detail is itemized and reported to 10x10HQ and we rely upon our Finance Lead to provide insight from the Project Committee to ensure we diligently manage the funding to the charities.
Note that all money must be received via EFT, or other approved digital transaction, cash must not be received under any circumstances
7.3 At the Event
- Be able to fill in and manage the finance template in real time
- If running a raffle, record these sales if you’re still selling tickets on the night
- Manage communications – if people send comments in the chat, please reply to them
The amount that is going to be announced on the night is made of TOTAL FUNDS RAISED (ticket sales, donations, raffles etc.) minus the COST of event (zoom fees etc.)
7.4 After the Event
- All ticket sale payments must be added to the spreadsheet.
- Within 5 days, the finance template needs to be reconciled and sent to 10x10HQ and uploaded to your uploaded files page.
- 10x10HQ will then work with the finance team to ensure the funds are allocated to each charity – please remind the charities that this may take up to 4 weeks.
- Once the finance spreadsheet has been consolidated – funds will be paid directly to the charities (by 10x10HQ or partner in US/UK) and will also email charities directly to let them know how much they are expected to receive.