Nonprofit Board Financial Risks and Responsibilities
Serving on a nonprofit board is a wonderful way to improve our world and can provide significant benefits to you. As a financial professional, you have so much to offer not-for-profit organizations. This course is for those new to nonprofit boards and provides insights for those with prior board experience.
This course will cover the duties of financial professionals who serve as board members. I will begin by discussing the benefits you bring to a nonprofit board and how your board experience can benefit you. I will outline the three duties of all board members. We will also explore the personal liability risks associated with joining a board, as well as the risks faced by the organization. You will learn strategies to mitigate these risks.
The second half of the course delves deeper into nonprofit financial oversight. We will examine the financial policies that boards use to guide their organizations. I will explain how nonprofit financial statements differ from for-profit statements and how financial management practices are also different. We will discuss the duties of the finance committee and the audit committee, as well as the types of nonprofit audits and examinations. A fitting conclusion to this course on tax-exempt organizations will be a lesson on tax compliance. Ironic, isn't it?
This course is tailored for financial professionals, including:
The focus of this course is on the financial governance, risk management, and compliance aspects of serving on a board. It does not delve into the details of accounting for nonprofits, completing tax forms, or audit procedures, as there are many good courses offered by others that cover these topics.
The author has worked for multiple nonprofits, including as CFO and SVP of Finance. He has also served on several nonprofit boards.
Founder of CFO Perspective
Rob Stephens is the Founder of CFO Perspective, which provides continuing education courses for CPAs and financial management courses for business advisors and staff. He has been quoted in Forbes, U.S. News and World Report, Bloomberg Businessweek, and many other news sources. He is also the author of Key Performance Indicators and KPI Dashboards. Rob has a 30-year career that includes serving as a CFO, Director of Operations, and SVP of Finance. Rob is an adjunct instructor for the MBA program at Gonzaga University. Rob holds a Masters of Science in Personal Financial Planning and a Graduate Certificate in Financial Therapy from Kansas State University. He received a B.A. in Business Administration from the University of Washington.
