The audit committee role has been required for companies listed on the New York Stock Exchange since 1978. The governance standards for nonprofit companies somewhat follow the governance standards for listed and non-listed companies. Understanding, monitoring, and managing risks are…
Nonprofit organizations have much liberty to organize themselves so long as they remain in compliance with laws and regulations. Nonprofit boards have the option of forming an audit committee or handling the duties of an audit committee through the executive…
It’s a well-known concept that you can’t have opportunities without risks. In the current nonprofit world, risks abound. According to an investigative report from The Washington Post in 2013, more than 1,000 nonprofit organizations stated that they’d had a significant…
Best practices for recruiting nonprofit board directors have been around for many years and the bulk of them are still applicable today. At the same time, so many things related to business, the economy and society are going through an…
Governmental bodies do their best to serve the public, but there are never enough financial resources and personnel to fill every need. Nonprofit organizations also serve the public interest by filling in some of the gaps in service that governments…
For a long time, boardrooms were commonly jovial, affable places where board directors were like-minded and knew each other well. An agreeable atmosphere is certainly nice, but it can cause some unintentional problems. Where everyone usually agrees, everyone tends to…
Writing board meeting minutes is such a common task that there’s a risk of not giving it the due diligence it deserves. While writing board meeting minutes is a common task, minute-takers should never underestimate their importance. It’s crucial that…
Like many other industries, board management is becoming more complex than ever before. Board directors are also being held more accountable than ever before. While technology has brought some of the complexities to the forefront, technology also provides solutions that…
Most companies have sort of a fragmented, haphazard way of gathering and storing data. It’s not uncommon for companies to take a siloed approach to obtaining data, with each department gathering data on its own and designing its own rules…
Board self-evaluations are of interest to more than just the board directors. Investors, stakeholders and regulators are also looking for assurance that boards are committed to enhancing their own effectiveness. Board self-evaluations help to shape governance principles. Most recently, some…
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