Financial Review Panel Roles and Responsibilities
The Financial Review Panel (FRP) will evaluate the financial strength and overall financial health of the organizations that are submitting core mission grant applications to Impact100 Philadelphia. The FRP consists of up to 10 members in addition to a Chair and Co-Chair. Each FRP member (excluding the Chairs) serves as a full member of a Focus Area Committee to review grant applications. FRP members are also invited to participate in the LOI reading process.
- Evaluate the financial strength and long-term viability of applicants.
- Perform financial due diligence, including a qualitative and quantitative analysis.
- Review historical financial statements and IRS Form 990s.
- Analyze current operating budget.
- Review trends over a three-year time period.
- Assess quality of financial management and internal processes, systems and controls.
- Understand fund raising/revenue generation processes.
- Conduct due diligence call with each site visit candidate.
- Report findings to all FAC members.
- Complete FRP report for each applicant and provide to FAC Chair and Team Leader.
- Respond to FAC members and serve as a consultant regarding financial questions about application.