In the business world, it’s common to hear the word ethics accompanied by the word compliance and vice versa. Business people sometimes incorrectly use the terms interchangeably. Ethics and compliance have different meanings; yet, they often go hand in hand.…
Anyone can make it onto the board of a nonprofit organization. In most cases, there’s not even any experience required. Surprisingly, some of the greatest nonprofit board members started their journey to nonprofit board service with nothing but a passion…
Governance has a whole new set of acronyms for new board directors to get used to. One acronym that inexperienced board directors of nonprofit organizations will hear a lot is D&O. The acronym stands for “directors and officers,” which by…
The very first email was sent in 1971 as an experiment to see if computers could actually talk to each other. Almost 50 years later, emails have become a staple of our personal and business lives. Up until recently, most…
Nonprofit boards strive to improve the effectiveness of their boards. Often, they just don’t know how to go about it. Those who make decisions around the boardroom—and how they make those decisions—determines whether the organization ultimately achieves its goals and…
Start-up businesses that register with the government with the intent of making a profit are required to pay federal, state and local taxes, just as any other business does. Certain types of organizations offer valuable services to communities. In exchange…
The basic principles of good corporate governance apply equally to nonprofit entities as they do for public or for-profit entities. Good governance benefits both types of entities equally. Regardless of an organization’s tax status, good governance begins with a high-quality…
What is risk? According to the Business Dictionary, risk is defined as: “A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through…
It’s a misnomer to believe that only large nonprofit organizations need D&O insurance. Directors and officers of every-sized nonprofit organization have meaningful exposure to personal liability. About 20% of all U.S. corporations are nonprofits. The liability for directors and officers…
The uncertainty and volatility of the economy have drastically changed how all industries view risk, including credit unions. In past decades, credit unions and other financial corporations relied heavily on forecasts and projections to manage their daily operations. In today’s…