Risks Associated with Financial Matters
The financial risks are broadly of three kinds. First there are risks associated with not having sufficient funds to run the District and the Units, either because of a drop in the level of Unit membership or limited fundraising activities. Second there are risks associated with costs, especially if these are unexpected like a major maintenance issue or if there are significant increases in rents, utilities and insurance costs. The third group are to do with poor financial management and accounting – poor budgeting, poor cash management, not keeping accurate records or meeting audit criteria and although rare the misuse or embezzlement of funds.
Last Modified: 13/07/16 at 4:47 PM