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Board members of nonprofits must be prepared to handle a wide variety of duties. The most important responsibilities are to establish governance and management policies which support the sustainability of a nonprofit and to provide financial oversight. They also create strategic plans and supervise the implementation of these plans. In certain situations, they can be held personally accountable for nonprofit liabilities. For instance in the event that they fail to pay withholding tax on wages of employees.

In most cases, a board will hire an individual to oversee the company. The executive director, also known as the CEO, is responsible for bringing in, training, and supervising the board as well as staff. They may also be involved in fundraising activities. The role of the executive director can be a significant issue for a brand new nonprofit, and it is often best to have an experienced board member be the mentor for the first ED/CEO to ensure they be able to collaborate with the board in order to achieve success.

Board members must also ensure sure there’s enough funds in order to implement its programs. This can include personal donations as well as fundraising events and other philanthropic efforts. The Board must have a thorough understanding of how a nonprofit’s financial statements are reported, and they should make sure that there is a clear process in place to prevent fraud and embezzlement. They should also know how to prepare an annual budget and approve it. In addition, they are accountable for ensuring how closely the actual spending corresponds to the budget.