Common Good Vermont: Nonprofit Boards - Legal Requirements to be a Fiscal Steward

Description

Common Good Vermont's Lauren-Glenn Davitian speaks with Eileen Elliot, former Vermont Commissioner of Social Welfare, now in private practice with the law firm for Dunkeil, Saunders, Elliot, Raubvogel & Hand. She serves on the United Way of Chittenden County’s Community Impact Committee and has extensive experience in the nonprofit sector.

Eileen spoke about the fiduciary and other responsibilities of nonprofit directors and officers and outlined the “Duty of Loyalty, Duty of Care and Duty of Good Faith”. Nonprofit board members are obliged to put the nonprofits interests above their own, inform themselves and make deliberate decisions that are in the best interest of the organization. The Board member is responsible to implement and monitor reporting and information systems to check for failures and to comply with laws and regulations.

RESOURCES:

• Fiduciary Duties of Nonprofit Directors
• Fiscal Responsibility and Oversight: Empowering Your Board to Lead

ALSO WATCH:

• Dr. Church Hindes on the Fiduciary Obligations of NPO Boards
• Christine Moriarty on Reading NPO Financial Statements

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