Board Member – Finance & Compliance (Voting Director)

Overview

The Board Member – Finance & Compliance serves as a voting member of the Bloom Again Foundation Board of Directors and provides strategic oversight related to financial stewardship, regulatory compliance, internal controls, and long-term fiscal sustainability.

This role strengthens the Board’s fiduciary governance capacity by supporting transparent financial practices, risk management, regulatory reporting, and alignment between financial strategy and the organization’s mission and strategic plan.

This is a volunteer governance position. The Finance & Compliance Board Member does not function as staff accountant or bookkeeper but provides high-level oversight, advisory guidance, and accountability support.

Role Purpose

To safeguard Bloom Again’s financial health, regulatory integrity, and public trust through strong fiscal oversight, compliance monitoring, and proactive risk management.

Core Governance Responsibilities

• Uphold fiduciary duties of care, loyalty, and obedience.
• Participate in board votes and strategic financial deliberations.
• Review and understand financial statements and reporting materials.
• Support fundraising and sustainability initiatives.
• Meet the annual 'Give or Get' contribution requirement.

Primary Finance & Compliance Responsibilities

1. Financial Oversight & Reporting

• Review monthly and quarterly financial statements for accuracy and transparency.
• Advise on annual budgeting processes aligned with strategic priorities.
• Support monitoring of cash flow, reserves, and revenue sustainability.
• Ensure appropriate financial reporting to the Board.

1. Regulatory & Filing Compliance

• Provide governance oversight for required filings including IRS Form 990, RRF-1, and SI-100.
• Support timely compliance with state and federal nonprofit regulations.
• Advise on financial documentation standards and record retention policies.

1. Internal Controls & Risk Management

• Advise on establishment and maintenance of strong internal controls.
• Support development of financial policies and procedures.
• Identify areas of financial or operational risk and recommend mitigation strategies.
• Advise on audit readiness and external financial review processes.

1. Investment & Asset Stewardship

• Advise on reserve policy development and asset stewardship.
• Support evaluation of investment strategies aligned with nonprofit best practices.
• Ensure financial decisions align with long-term sustainability goals.

1. Transparency & Public Accountability

• Support financial transparency in donor communications and annual reporting.
• Advise on financial disclosures required for grant platforms and regulatory bodies.
• Ensure alignment between financial reporting and organizational impact claims.

Collaboration

The Board Member – Finance & Compliance collaborates closely with the Treasurer, Co-Presidents, Governance Chair, Fundraising & Development Board Member, and Executive Director (upon appointment). Financial performance updates and compliance reviews are incorporated into quarterly board reporting and annual strategic planning discussions.

Qualifications

• Experience in finance, accounting, auditing, compliance, or nonprofit financial management.
• CPA, CFA, or equivalent financial credential preferred but not required.
• Strong understanding of nonprofit financial reporting and fiduciary responsibilities.
• Experience with budgeting, internal controls, and regulatory compliance.
• Commitment to ethical leadership and financial transparency.

Term of Service

Standard board term of 2–3 years, renewable upon board approval, as defined in the Bylaws.

Expected time commitment: 6–10 hours per month, including meetings, preparation, and financial review.

Performance & Accountability

• Evaluated annually as part of the Board’s self-assessment process.
• Expected to actively contribute to financial oversight and compliance governance.
• Support measurable financial sustainability goals aligned with Bloom Again’s strategic plan.

Strategic Plan Alignment (2025–2028)

Goal 2: Build Board Capacity & Operational Infrastructure

• Strengthen internal controls during board expansion.

• Support audit readiness and regulatory compliance.

Goal 3: Improve Internal Processes for Efficiency

• Develop KPI dashboards and financial reporting systems.

Goal 4: Increase Sustainable Funding

• Support financial modeling for 3-year fundraising plan.

• Ensure financial oversight of Garden Circle and Ambassador Program.

Goal 5: Foster Recognition & Legacy Building

• Ensure transparency in donor reporting and financial disclosures.