Fiscal Stewardship
"...the assumption of responsibility of the financial well being of another or a group. The expectation being that this responsibility will be carried out with great care, keeping in mind the good of the individual or group being served. Financial stewards have been entrusted with the financial resources of another. There is an expectation of care to be followed when acting as a steward. A financial steward would be expected to make those decisions which would best benefit the individual or group whose financial assets are being cared for; managing expense, responsible investing, and accountability."
The quote above comes from Wiki Answers....which I am sure I shouldn't cite in a doctoral paper....I am smarter than that :) However the speaker did admit to using Wiki Answers.
Weber's Ten "Rules of Thumb" for Fiscal Stewards
Rule 1: Some fiscal decisions are black, some white, and many are grey.
Rule 2: Earning trust as a fiscal steward
Rule 3: Transparancy in fiscal matters goes a long way toward building trust.
Rule 4: Communicate - don't expect people to read your mind when you make a fiscal decision
Rule 5: Build a financial system that has backup - never allow only one person to handle funds.
Rule 6: Surround yourself with smart, knowledgable, expert help.
Rule 7: Find and use an experienced fiscal mentor.
Rule 8: Make clear your fiscal decision making - Type 1, Type 2, or Type 3
Rule 9: Understand the laws and regulations governing your profession.
Rule 10: Act as if each fiscal decision you make will find its way to the front page of
your local paper.
Nugget: Servant leaders must be financially responsible to serve the greater good.
Reflection: Wow...I do not have much experience with fiscal stewardship, so this is new to me. But I don't think it is a difficult concept: As leaders we are tasked with being financial responsible for our organizational and societal well-being. When I think about financial responsibility, I think of poor examples such as Enron who's inefficient moral consciousness of a few, created a whirlwind calamity for many.
As a leader we need to constantly keep ourselves in check through accountability. This means surrounding ourselves with people who may not agree with all of our ideas. By doing so are not delimited to groupthink, and those who may tip the scale on similar thought patterns. I need to surround myself with those who will challenge my thoughts, actions, and behaviors. Growing a team of bystanders, who rarely challenge the process, leaves a leader susceptible to human nature: greed.
For example, my wife keeps me in check with what I want to purchase. We both call each other before we spend money. We practice fiscal stewardship by clarifying if our potential purchase is: 1) in the budget, and 2) a need or a want. If we didn't have this system, we would be terrible stewards of our money and we too would fall into the trap of greed, materialism, and over-justified purchases. Practicing poor fiscal stewardship over a period of time deters one's moral compass completely. Thus, one falls into a perpetual cycle of the dark side of human nature where money becomes used and abused.
your local paper.
Nugget: Servant leaders must be financially responsible to serve the greater good.
Reflection: Wow...I do not have much experience with fiscal stewardship, so this is new to me. But I don't think it is a difficult concept: As leaders we are tasked with being financial responsible for our organizational and societal well-being. When I think about financial responsibility, I think of poor examples such as Enron who's inefficient moral consciousness of a few, created a whirlwind calamity for many.
As a leader we need to constantly keep ourselves in check through accountability. This means surrounding ourselves with people who may not agree with all of our ideas. By doing so are not delimited to groupthink, and those who may tip the scale on similar thought patterns. I need to surround myself with those who will challenge my thoughts, actions, and behaviors. Growing a team of bystanders, who rarely challenge the process, leaves a leader susceptible to human nature: greed.
For example, my wife keeps me in check with what I want to purchase. We both call each other before we spend money. We practice fiscal stewardship by clarifying if our potential purchase is: 1) in the budget, and 2) a need or a want. If we didn't have this system, we would be terrible stewards of our money and we too would fall into the trap of greed, materialism, and over-justified purchases. Practicing poor fiscal stewardship over a period of time deters one's moral compass completely. Thus, one falls into a perpetual cycle of the dark side of human nature where money becomes used and abused.
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