Board financial responsibilities – Put best practices in motion

Description

Abstract: Even if new board members are enthusiastic, wise or skillful, they may not fully understand their fiduciary responsibility to be good stewards of the public’s money, have a working knowledge of finances — or even be good with numbers. This article shows how a board can assure fiscal responsibility by having strong operating procedures, the right committee structures and appropriate training. A sidebar describes some of the metrics a board should know.