Nonprofit boards play a crucial role in connecting an organization and its community. The board sets the mission, vision and values for the non-profit. It also has an important oversight and accountability obligation. The board must monitor the progress of the organization’s efforts in achieving its mission and achieving its goals. It should formulate strategic plans for fundraising and organizational strategy and provide financial oversight.
It should keep an check on the programs and services provided, how people are impacted and the results of these programs. This requires ongoing monitoring that allows the board to make changes as needed. Financial oversight entails reviewing budgets and approving them. It also includes ensuring that the organization is within its financial means, and that it complies with all financial regulations. The board has a fiduciary duty to treat the assets of the company as if they are their own and to avoid the risk of investing in a risky way.
Fundraising is an essential element of the board’s job and it’s usually the responsibility of every board member to get their hands dirty. It’s helpful when the board receives regular, reliable reports of the progress and results of various fundraising campaigns to assist them in making better decisions.
Many boards delegate management tasks to an internal leader. This is typically the chief executive officer (CEO). The Board is responsible for finding this person and setting compensation, as well as providing annual evaluations https://twoboardroom.com/guide-to-managing-virtual-board-meetings/ of both the CEO and each of the board members. The Board should also arrange sessions for orientation and training for new and existing board members in order to facilitate their growth.
