Virginia Eastern Shore Economic Empowerment and Housing Corporation
By the end of its second year of OD work, the Virginia Eastern Shore Economic Empowerment and Housing Corporation (VESEEHC) had developed a financial and accounting procedures manual, trained the board in financial oversight, and researched and implemented a fund accounting system. According to their report to MRBF, “The board has very significantly increased its knowledge of budgeting, interpreting and understanding complex financial statements, and guiding the use of money. They have also increased their knowledge of loan making and the governance of lending programs. Each month the board reads and acts upon a voluminous package of materials . . . . They have made real strides toward getting to the heart of the issues that require their guidance, approval, or re-direction. A real and continuous challenge in this small community where everyone knows everyone is for the board to avoid inappropriate involvement in staff decisions and for staff to refrain from involving individual board members to gain leverage with staff management.”