Governance is a broad term that can encompass many aspects relevant to the running of an organization or business; in short, however, it defines the rights and responsibilities of the various stakeholders in the business, determines how decisions will be made, and establishes checks and balances. A central element of governance is the role of the board. The Board supports the work of organization and provides mission-based and strategic leadership, as well as financial support. Board Members are accountable for the organization’s actions and are legally required to be informed and active participants in corporate governance in acting to fulfill the nonprofit’s charitable mission. Good governance includes many things: a clear and focused mission, a committed and involved board of directors, written documents that are routinely reviewed and updated, compliance with state and federal legal mandates, financial oversight procedures and policies, and dedicated board and staff leadership. A nonprofit is a work in progress, and it takes time to build and to sustain an organization. There are many resources available to assist family-run organizations to get started or to regroup as the environment changes. Below are few of these resources.
To learn more about conflict of interest, please visit: https://nonprofitquarterly.org/charity-conflicts-of-interest-a-guide/