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Finance

Finance Directors share financial information, details of contracts and services and audit key cost heads to determine whether there is merit in collective action, or benefit from knowledge exchange.  They have a strong efficiencies and savings agenda, but are also concerned with ensuring that they can benefit from the best quality policies, procedures and practices around financial issues.

 Examples of this work: 

Cost head reviews: 10 cost heads and contracts were reviewed and Finance Directors have systematically audited cost heads and sought savings and efficiencies around print, insurance, equipment and vehicles, IT hardware and software, broadband, telephones and stationery. 20 key cost heads are reviewed annually to track changes and generate discussion around contracts.
 
Annual reviews of turnover, earned income (cultural and non-cultural), core subsidies and additional activity grants from trusts and foundations is tracked year on year to demonstrate changes and to understand the collective figures for the group.

Annual Economic Impact Assessment:  Finance Directors collate detailed information from the financial surveys (above) plus additional infornation around staffing, attendances, events, procurement and contracts, engagement of freelancers and volunteering.  This is then used by ERS to produce the annual Economic Impact Assessment, the findings of which are shared publicly.

Preferred Suppliers:  Finance Directors have developed a very effective preferred suppliers approach, by engaging companies to provide quotes based on potential business with the group of companies.  Any NGCV members are at liberty to reject the offers and seek competitive quotes elsewhere. This approach has been adopted across NGCV as an effective way of getting better services at a highly competitive and often reduced rate.
 
Expert support:  The group engages expert speakers and companies to provide advice and inform potential joint working (e.g. on Payment Card Industry Compliance, risk management, salary reviews, VAT and other financial topics).

Generating internal business:  The Finance Directors have compiled two brochures for internal use by staff across the venues, for hires and loans of spaces in the venues and for equipment.  These brochures help raise awareness of what spaces and equipment are available and enable the organisations to hire these at a discounted rate between them.

Further information

Much of the information generated by the Finance Directors is financially sensitive and cannot be shared publicly.  An example of the joint work on contracts is below and more information about the Economic Impact Assessment work is provided on the Impact page of our website.

 

NGCV Insurance Case Study 2012