Montana Nonprofit - Conduct Policies for Board Members
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FAQ
It means board members, as stewards of public trust, must act for the good of the organization rather than for the benefit of themselves. Fiduciary duty requires board members to stay objective, responsible, honest, trustworthy, and efficient.
The basics Just as for any corporation, the board of directors of a nonprofit has three primary legal duties known as the ?duty of care,? ?duty of loyalty,? and ?duty of obedience.?
Here are a few types of people who should avoid serving on Boards: Those Who Lack Objectivity. ... People Who Are All Talk And No Action. ... Those Who Are Conflict-Averse. ... People Who Don't Play Well With Others. ... Those Who Are Greedy. ... People Who Are Resistant To Change. ... People Who Are Not Team Players.
A board of directors has three formal responsibilities. They are to oversee the management of the company, to approve corporate strategy, and to make sure the financial statements are accurate. In order to do these things, they need to be able to understand financial statements and have knowledge of business law.
Here are 10 common governance mistakes made by nonprofit boards: Failure to Understand Fiduciary Duties. ... Failure to Provide Effective Oversight. ... Deferring to a Founder. ... Failure to Stay in Your Lane. ... Failure to Adopt and Follow Procedures. ... Failure to Keep Good Records. ... Lack of Awareness of Laws Governing Nonprofits.
Wrapping Up: Nonprofit Board Member Responsibilities To summarize, nonprofit board responsibilities include providing financial and legal oversight to the organization they serve, supporting its mission, setting compensation guidelines, and hiring and evaluating the chief executive.
Determine the Organization's Mission and Purpose The board's fundamental responsibility is to satisfy itself that everyone connected directly or indirectly with the organization understands its reasons for existing. This usually takes the form of a written mission statement.