Nonprofit Board
The governing body of a nonprofit organization, responsible for setting the mission and strategic direction, ensuring financial sustainability, overseeing management, and maintaining public trust. Unlike corporate boards that serve shareholders, nonprofit boards serve the public interest and the organization's beneficiaries. Nonprofit board members (often called trustees) typically serve as volunteers and have fiduciary duties including the duty of care, duty of loyalty, and duty of obedience to the organization's charitable mission.
Related Terms
A section of the U.S. Internal Revenue Code that grants tax-exempt status to nonprofit organizations operated exclusivel...
An annual information return that tax-exempt organizations in the United States must file with the IRS, providing detail...
The highest standard of legal obligation that directors and officers owe to the company and its shareholders, requiring ...
A fiduciary obligation, particularly important in nonprofit governance, requiring directors to ensure that the organizat...
A formal governance document that establishes procedures for identifying, disclosing, and managing situations where a di...
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