Nonprofits rely on a well-functioning board of directors to fulfill their objectives. They are looking for individuals who have a passion for their mission, have connections to the people they serve, and have had experience in overseeing business affairs at one time.
Professionals from all kinds of organizations and businesses sit on nonprofit boards. It’s a great opportunity to build your network and gain new skills and make a positive impact on the community.
According to a Korngold survey 78 percent of board members said that serving on a non-profit board helped them develop an appreciation for different viewpoints and opinions that were not their own. This is essential when working in a nonprofit board where decisions are made with limited resources, and the board has to make sound financial management choices.
Nonprofit board members have several legal obligations and responsibilities, including the Duty of Care as well as the duty of loyalty. Board members must avoid conflicts and must not abuse their positions by using funds from the nonprofit for personal gain. If you own the company of the executive director and the https://workboardroom.com/10-duties-and-responsibilities-that-every-director-must-understand/ board has a vote to increase the salary for the director, you must abstain because you have a conflict.
In addition, many nonprofits have permanent (sometimes called “standing”) committees to deal with ongoing issues and specific needs as they arise. These committees are led by board members that must report potential conflicts of interest to the other board members.
