Financial Review Committee Training

Interested in joining the Financial Review Committee?  Here’s what you need to know.

  • Function and Impact of the Financial Review Committee: Financial Review committee members are responsible for reviewing/analyzing financial information (tax returns, etc) provided to Impact 100 by the Semi Finalists in each of the 5 focus areas. This review is critical to ensure that the nonprofit organizations, and the eventual final grant recipient(s), demonstrate financial stability so our member’s funds truly have an impact on a lasting, stable non-profit.
  • Participant Requirements: All are welcome! Participation in the Financial Review committee is open to all members, whether there is a background in finance/accounting or not. Even joining to listen is beneficial to our overall discussions and process.
  • Responsibilities:  Committee members are expected to independently review pre-populated, uniform financial information for each of the Semi-Finalists in advance of the scheduled FRC Review Committee Meeting. Committee members will be given all the tools to help with their review, including a live/virtual non-profit financial training session, and access to Slideroom (an online data room) which includes the grant applications of each Semi Finalist.  Committee members will then collectively review all Semi-Finalists on the evening of Wednesday, March 20th (virtual for 2024) to discuss items such as growth trajectory, funding sources, and expense ratios.  The committee members will decide, as a group, if each Semi Finalist is a “Pass” or “Fail” rating based on specific criteria related to non-profit organizations.
  • Time Commitment:   Expect up to two formal committee meetings, which includes the training session, if you are so inclined to join. After the training session is completed (Monday, February 26th at @ 6:00pm), individual time commitment begins with independent review of the Semi-Finalists financial and grant information (which will be emailed directly to committee members or provided through Slideroom access), which could take up to a few hours. On Wednesday March 20th @ 6pm, the committee will meet virtually to collectively discuss each Semi-Finalist. Tentative Timeline/Key Dates are noted below.
  • We will likely hold two optional “office hour” sessions in case any members have questions/require guidance.

KEY DATES: ALL 2024 MEETINGS WILL AGAIN BE HELD VIRTUALLY VIA ZOOM. INVITES WILL BE CIRCULATED TO THOSE INTERESTED IN ATTENDING WITHIN THE NEXT WEEK:

  • March 7th, 2024, 6:00-7:00pm: Online training session to go through the requirements for the committee and how to review the nonprofit’s financial statements. For new committee members and those who want a refresher.
  • Mid-to-late the week of March 4th: Be on the lookout for an email from us! Financial information on each of the nonprofits will be emailed to FRC participants for independent review.
  • Optional office hour sessions, Monday, March 11th and Monday March 18th, 6:30-7:30pm. Feel free to join at anytime during these time blocks if you have questions as you complete your review.
  • Wednesday, March 20, 2024, 6:00pm-8:00pm: Online review session, all committee members asked to join and participate to the extent comfortable.

To join, please send an email to our Financial Review Chair, Liz DiGregorio, at Impact100metrodetroitfrc@gmail.com.


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