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The board members of nonprofit organizations should be prepared to assume many different duties. Most important is the creation of guidelines for governance and management that support a nonprofit’s sustainability, and providing financial click resources oversight. They also develop strategic plans and oversee the implementation of these plans. They can be held personally liable for any nonprofit liability under certain conditions such as the not paying withholding taxes on wages of employees.

In many cases, a board will hire an individual to oversee the company. The executive director, also known as the CEO, is accountable for hiring, educating, and supervising the board and staff. They might also be involved in fundraising activities. The job of the executive director can be a huge issue for a brand new nonprofit, and it is often ideal to have an experienced board member be the mentor for the first ED/CEO, so they will know how to collaborate with the board to make it work.

Board members should also ensure that the organization has sufficient funds to implement its programs. This could mean making personal donations, organizing fundraisers and other activities for philanthropy. The Board should have an excellent understanding of how nonprofit’s financial statements are presented, and they must ensure that there is a clear process in place to guard against fraud and embezzlement. They must also be able to design and approve an annual budget, and they must monitor how closely the actual expenses correspond to the budget.