The NonProfit Times features five internal controls for grants management. If there are well-defined internal controls in place, an organization is in a much stronger position to make the case that a grant award to your organization will be a good investment.
According to Barbara Floersch, chief of training and curriculum of The Grantsmanship Center in Los Angeles, CA, "Internal controls are safety-net procedures and protocols that support effective programming and accurate, ethical operations."
When assessing an organization's internal controls, Floersch recommends looking at the Standards for Internal Control in the Federal Government (www.gao.gov).
This document, also called as The Green Book, was produced for federal agencies but is a resource for any type of organization. The Green Book discusses and explains the five primary components of internal control.
The five components of internal control include: 1) The control environment; 2) Risk assessment; 3) Control activities; 4) Information and communication; and 5) Monitoring the system. Read the Entire Article
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