Nonprofit boards play a critical role in interfacing between an organization and its community. The board sets the mission goals, vision, and values. It also has a crucial oversight and accountability responsibility. The board is responsible for monitoring the organization’s progress in fulfilling its mission and reaching its goals. It must develop strategic organizational and fundraising plans and oversee financial management.
It must be vigilant in monitoring the programs and services provided and the impact on people and the results. This requires constant monitoring that allows the board to make adjustments as needed. Financial oversight includes reviewing and approving budgets, and ensuring that the organisation is within its budget and is in compliance with all financial regulations. It is the board’s fiduciary duty to manage its assets as if they were their own and avoid investing in risky assets.
Fundraising is an essential part of the board’s duties and it’s often up to every board member to get dirty. It’s helpful if the board has regular, reliable information about the progress and success of various fundraising campaigns to aid them in making better decisions.
Many boards delegate management duties to an internal leader. This is typically the chief executive officer (CEO). The Board is responsible for identifying the person to lead and setting compensation, as well as providing annual evaluations of both the CEO and each of the board members. The Board should also organize Board Meeting training and orientation opportunities for all board members to support their expansion.