At Tate & Tryon, a firm focusing exclusively on nonprofit 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 that new board members come with built-in knowledge of how to be an effective board member.   Help provide them with the training and education they need, so that they can help make the board more productive, effective and maximize their service for your organization.

Tate & Tryon can assist your organization with improving financial governance practices and enhancing board effectiveness.  Please contact us to learn more.

Click here to view the full report by Heidricks & Struggle and the Antonin Scalia Law School at George Mason University.

 

INSIGHTS & RESOURCES

Up-Ending Accounting as We Know it?

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Uncategorized03/30/2018

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The Curious Effect of IRC Section 15 on the Change in Corporate Tax Rates

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Exempt Organization Tax03/29/2018

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By: Deborah G. Kosnett, CPA
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It is well-known that the Tax Cuts and Jobs Act (TCJA) reduced the Federal income tax rate for corporations, from a top rate of 35% to a flat rate of 21%. The rate change is officially effective for tax years beginning after December 31, 2017. What isn’t […]

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Exempt Organization Tax03/27/2018

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Latest guidance from the IRS makes it clear that tax-exempt employers should now pay income tax based on amounts included in employee compensation reduction agreements (CRAs).
As you know, certain provisions of the recent federal income tax reform legislation may have a significant impact on tax-exempt organizations. Currently, one of the most controversial of these provisions […]

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