Boards or directors are the governing bodies of nearly all non-profits and companies. They establish the plans for the organization, give recognition to those who implement these programs, and supervise the executive staff. Many nonprofits have advisory boards that provide advice and guidance to the executive director or board.
Nonprofit and commercial boards share some similarities on the path to success. Healthy boards require the careful recruitment, training and orientation of new members. They also require a collaboration between the board and staff.
Both kinds of boards play an important role to play in setting strategic goals and ensuring that management’s actions align with these goals. Both kinds of boards must ensure that operating plans exist and that financial resources are secured and allocated in ways that achieve near- and long-term objectives of the organization; and that policies encourage legal and ethical compliance.
Non-profit boards are typically larger than for-profit ones, as they represent all stakeholders who have an interest in the institution. The college boards typically comprise 70 or more members that include wealthy individuals, parents and teachers, as well as alumni.
Both for-profit and non-profit boards generally meet at least once a year to discuss operations and make important decisions. They also have their own governing documents which include bylaws, articles of incorporation and descriptions of the duties and duties of the board, individual directors and committees. Both kinds of boards will formulate written policies, such as those regarding director independence, conflicts of interest and codes of conduct. confidentiality and indemnification.
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