Board of Directors -- Fiduciary Responsibility

October 14, 2015

A Board of Directors has three primary "big picture" responsibilities. The second is Fiduciary Responsibility.  A Board serves as trustees of the assets to assure that the organization is managed well and has a sound financial situation. Boards must maintain financial accountability for the organization. For a non-profit, the Board is the caretaker of the contributions the organization receives from donors and sponsors. The Board's decisions, if not done with reasonable care, can put the organization in a risky situation.

 

This article from BoardSource provides excellent information on financial accountability: Fiduciary Responsibilities of Board Members

 

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