Given increased accountability to constituents, donors and regulators for accuracy and integrity of business operations, heightened expectations of boards and audit committees for transparency and effectiveness, and greater media coverage of lapses in good governance, strong board performance is essential. When done right, governance activities of boards and committees can not only provide needed oversight, but can contribute in meaningful ways to organizational success – and mission achievement. In this presentation, we will address key governance principles for Boards and Audit Committees in the not-for-profit sector, focusing on responsibilities, current governance issues, and associated best practices. The presentation will be based on Grant Thornton’s “Not-for-Profit Board Guidebook,” and Not-for-Profit Audit Committee Guidebook, which cover governance responsibilities and the issues that trustees and management face as they govern.
- Clarify the key roles and responsibilities of NFP boards and audit committees as an integral part of an organization’s governance structure.
- Define management’s role in governance.
- Address issues regarding accountability, integrity, fraud, fiscal stewardship and board/committee operating procedures.
- Identify effective governance practices needed for management and trustees to perform their responsibilities effectively.