How Do You Vote on Finances for an Organization?

Access to cash and credit is essentially what drives an organization forward and ensures that it can meet its obligations to its members. Without well-functioning finances, an organization simply cannot live up to its full potential and do the most good for its members and the surrounding community. 

This is why financial decisions are critical to an organization’s success, but they cannot be made by one person. Many choose to host an association election online to ensure they are making the best decisions for the organization and its diverse membership, as well as to select representatives with financial acumen. 

Establishing a Finance Committee

At times, financial decisions may be voted on by the members of an organization. However, having too many hands in the wallet can lead to heated debates and disagreements between members that end up being counterproductive. There are many ways to budget and spend funds, and it’s likely impossible to please everyone.

Many organizations create a finance committee, much in the same way as electing officers for student organizations. By appointing or electing trusted representatives of an organization to a committee, it can expedite decision-making. Depending on the size of an organization, that committee could consist of an organization’s president or director, finance chair or treasurer, accounting department, or other qualified member.

It’s also important to remember that financial decisions, especially for nonprofit organizations, must be done ethically and legally–especially because a misstep could trigger an audit. Nobody wants to deal with a lawsuit or suffer damage to their reputation. Having checks and balances in place can help avoid a financial disaster altogether.

For that reason, finance strategists stress that it’s vital to keep finances up-to-date. Having accurate and current data not only protects organizations in case of an audit, but it helps the group make well-informed financial decisions.

Who Should Be on a Finance Committee?

Effective leaders make effective financial decisions. The ideal candidates for an organization’s finance committee must champion the association’s mission and goals, and possess the financial expertise needed for the role. A background in this area would also be a huge plus. 

For a real-life example, take a look at the American Psychological Association (APA) website. It details the role of the association’s financial committee and names the seven voting members and seven non-voting members. 

The APA committee is in charge of financial planning, budget oversight, and other financial obligations. Of the seven voting members, two are elected each year for three-year terms.

A Safe, Secure Election Process

When it comes to elections, including ones held about financial matters, ElectionBuddy is the go-to industry solution. The voting platform can be used for as few as ten voters or as many as 100,000.

Known for its affordability, user-friendliness, and security, ElectionBuddy can be accessed remotely from anywhere. Its features include customizable ballots for any type of election, anonymous voting, multiple languages, and more. ElectionBuddy is an easy-to-use voting application for any organization or association making important financial decisions.

Interested in learning more about what is an academic association and how it fulfills its obligations to its members? Check out ElectionBuddy today to learn how organizations and associations can host safe and secure digital elections to elect representatives and make important financial decisions!