Nonprofit organizations play an important role in society. Federal, state and local governments do their best to balance their income by providing services to citizens. Despite the best efforts of all three levels of government, there can never be enough…
In the beginning, it’s easier to learn how to create a 501(c)(3) than most people think. Section 501(c)(3) is part of the U.S. Internal Revenue Code that provides exemptions of federal taxes for qualifying nonprofit organizations. The IRS, under the…
Much of what happens in board meetings is routine. There simply isn’t time to commit to all the legwork that needs to be done in each committee. It’s not necessary for all board members to be involved in all the…
Well-organized companies and organizations begin planning board meetings as soon as the previous meeting ends. Other boards fly by the seat of their pants and throw an agenda together the week before the meeting. Board meetings are serious business. If…
Just as diverse boards bring many different and valuable perspectives to an organization, a diverse group of employees brings many benefits to a company for the same reasons. When organizations are receptive to them, a diverse population of employees and…
As someone who did not chair any of the four nonprofit boards that I observed this summer, I have great respect and admiration for those who did. I also have compassion, curiosity and some suggestions for them as dedicated, determined…
Shareholders and stakeholders develop confidence in their boards of directors more easily when they represent the people they serve. Multiple perspectives on issues foment creativity in the boardroom and prevent groupthink. It’s necessary for boards to disrupt the status quo…
A strong relationship between the board of directors and the CIO takes a bit of effort on both parts. Boards are more concerned than ever about the risks associated with technology, and rightly so. The costs of cyber risks are…
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…
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