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OVERSIGHT BOARD BOARDDOUEKLAWFARE UPDATE
OVERSIGHT BOARD BOARDDOUEKLAWFARE FULL

Referred to as the board’s fiduciary responsibility, the board. A board has a fundamental, legal responsibility to provide oversight and accountability for the organization. BoardSource has a number of relevant resources, a few of which are listed below. The board is responsible for ensuring that the organization is appropriately stewarding the resources entrusted to it and following all legal and ethical standards. But true oversight and accountability goes far beyond these core practices, and requires active engagement from each individual board member. Learn more about BoardSource’s partnership with GuideStar.

OVERSIGHT BOARD BOARDDOUEKLAWFARE UPDATE

To increase transparency around organizational practices, including the work of the board, nonprofit organizations can update their GuideStar profile to provide additional information about their leadership practices.

The board should ensure that an annual audit is conducted and that the board engages directly with the audit firm to discuss the results.

The board must ensure that there are policies related to disclosing and managing conflicts of interest and that there is a strong whistleblower process in place.

This ensures that board members are familiar with the information reported on the 990 and that it accurately reflects the organization’s financial and operating environment.

OVERSIGHT BOARD BOARDDOUEKLAWFARE FULL

The full board should review the Form 990 before it is filed.This ensures that the full board is confident that the executive is being appropriately compensated and that the organization is not opening the organization to the risks of excessive or inadequate compensation. The board must formalize a process for setting appropriate compensation for the executive and approve the compensation package.Most state laws require at least one annual meeting, but BoardSource believes that one meeting is insufficient for boards to provide proper oversight. The board should have more than the one annual meeting required by law.

Referred to as the board’s “fiduciary” responsibility, the board must ensure that the organization is appropriately stewarding the resources entrusted to it and following all legal and ethical standards.īoardSource has codified many of these legal and ethical standards as a part of our Recommended Governance Practices, which includes the following recommendations:

The board is responsible for ensuring that the organization is appropriately stewarding the resources entrusted to it and following all legal and ethical standards.Ī board has a fundamental, legal responsibility to provide oversight and accountability for the organization.