Depending on many factors including the size of the board, the size of the budget, and the magnitude and complexity of existing financial assets, the finance committee may be called upon to perform the roles of two other committees that are usually separate in larger organizations: the audit committee and the investment committee. The basic audit and investment committees’ responsibilities include:
One of the most frustrating internal control processes for accountants and auditors alike is the dreaded company credit card and employee expense reimbursements. You might be thinking, let’s
State laws determine the minimum size for nonprofit boards. In most states it is three. However, the number varies so you should be familiar with your state statutes.
Very often, the first board is made of friends of the founder or is a group of similarly-thinking individuals who are interested in and committed to the mission of the organization.
Every nonprofit corporation needs a board. To be able to enjoy the various benefits of a nonprofit status, the organization needs a board that stands for the organization.
Every founder needs to determine his or her role within the organization. Probably the most difficult thing to realize is that you will not be the owner of the organization.
Every organization has a mission. For for-profits, it is to create profit for the owners or shareholders. In the nonprofit sector there are just about as many missions as there are organizations.
