21 Mar Nonprofit Board Fiscal Responsibilities
It’s quite often the case that volunteers become involved with a nonprofit because they have a passion for the mission. However, that doesn’t mean Board Members are equipped with understanding the fiduciary responsibilities that come along with such service. This is important to us at the Foundation, especially in a small, rural county, since any financial missteps by one nonprofit organization could potentially harm our entire nonprofit field. In a community with so many needs, like Grant County, we want to do all we can to maintain the integrity of our nonprofit financial practices and thus the transparency of our charitable sector.
With all this in mind, our CFO, Sherri Rush, crafted a primer on Nonprofit Finance Best Practices that we hope you’ll find helpful. This is information that we believe is prudent, yet we’re not sure that all Board Members are aware of such practices, unless they have a finance background, of course.
The information included in this document should make all your Board Members feel more comfortable, especially since the proverbial buck stops with the Board of Directors. Plus, reading this document will serve as a good reminder to do an internal staff check to see if your processes are on point or need a bit of tweaking.
Sherri’s been doing our Finances for over 20 years and is a wealth of knowledge. Feel free to connect with her if you have any specific questions or if we can help in any other way.
Download a copy of Nonprofit Finance Best Practices here.