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ISAE Blog

1 + 1 = 3: Helping Your Board with Its Fiduciary Responsibility

Posted by Kathy Finley, CAE on Feb 28, 2018 8:00:00 AM

When most board members see an organization’s financial statements, their eyes glaze over. However, one of the major duties of a board is a fiduciary one. According to Jeremy Barlow in his blog, “Non-Profit Legal Responsibilities,” on Board Effect (August 12, 2016), a “non-profit board oversees the organization’s assets and makes sure that the non-profit is on sound financial footing.” This is part of the board’s duty of care, and should not be taken lightly.

How many times have we heard that an organization has been defrauded because the leaders are unaware of the finances of the organization, or that the organization is close to closing because it doesn’t have enough funds to operate (a situation probably ongoing for years)?

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Topics: Association Management, Association Executives, tips, strategy, Nonprofit Boards, Leadership, Board of Directors, Finance

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