At Tate & Tryon, a firm focusing exclusively on nonprofit accounting and finance, we encounter highly motivated board members, but sadly, many dedicated board members don’t fully understand their responsibilities, particularly when it comes to financial governance.
The Antonin Scalia Law School at George Mason University, in partnership with Heidrick & Struggles, has recently released an excellent report exploring how the role of association and nonprofit board members has evolved and what motivates board members to participate.
Here are a few points to focus on if you’re looking to better engage your board.
- Many boards have yet to institute a formal onboarding process.
- The mission of an organization is the greatest motivation.
- Board service requires more time and effort than ever before.
In addition to distinguishing board oversight from day-to-day management, onboarding should also cover a financial orientation focused on educating boards on key drivers of success. How else can a board truly serve its purpose? Getting behind the mission of the organization is the first step, but a structured orientation is a necessary second.
Don’t assume board members come with a built-in knowledge of financial governance. Help them get the training and awareness they need, so they can help make the board more productive, effective and maximize their impact for your organization.