Nonprofits have incredibly talented and compassionate professionals on their board of directors. These resources are energetic, committed to the mission, and dedicated to the success of the organization.
Unfortunately, resources are often limited to provide critical training. In 2014, GuideStar and the Stanford Graduate School of Business conducted a study which surveyed over 900 directors of nonprofit organizations on the efficacy and practices of their boards. Their findings? You guessed it. The Boards fell significantly short on everything from governance to structure and engagement.
Nonprofit financials are unique in their terminology, concepts, accounting practices and methodologies, and certainly their tax regulations. It is so easy and sadly, quite common, to make a grave mistake with the best intentions. Do not take risks with your important mission.
The organization cannot afford an easily avoidable accident. At CFO Strategic Partners, our CFO Consultants are well-versed in the unique challenges faced by this important sector, and we can help.Tags: 990s, Board of Directors, Charity, grant, nonprofit, Organization