• Standard A5 Explained

    The board is responsible for determining and reviewing the compensation package of the organization’s most senior staff person. When reviewing the most senior staff person’s total compensation package once per year, it is important that the board review all related expenses. Definition: Total...

  • Standard A21 Explained

    Why is it important to record board meetings and retain policies? Preparing and retaining proper minutes from board meetings is an essential part of a transparent and accountable governance process and serves to preserve a record of agenda items discussed, documentation reviewed, votes taken, and...

  • Kinds of property

    Tangible property (property that a person can touch) real property (land and attached buildings) capital property (property that is purchased with the intention of holding or using it, rather than reselling it) depreciable property (property that is expected to be used, generally in a...

  • Standard E5 Explained

    Why is it essential to establish appropriate screening processes for volunteers? The primary purpose of volunteer screening is to ensure a safe environment for your organization’s clients, staff, and volunteers.1 Organizations working with vulnerable populations in particular have a moral and legal...

  • Standard D12 Explained

    Definition: Succession Plan1 A succession plan sets out how potential departures of key personnel would be dealt with in the short-term and long-term through internal or external candidates. It could define key competencies, identify pools of talent and outline how current staff members are being...

  • Standard B1 Explained

    Definition: Financial Statements1The statements of the financial activities of the organizations, normally including: a balance sheet, which shows assets, liabilities and equity at year-end; a statement of income, which shows the results of operations for the year; a statement of retained...

  • Standard A6 Explained

    Definition: Succession Plan1A succession plan sets out how potential departures of key personnel would be dealt with in the short-term and long-term through internal or external candidates. It could define key competencies, identify pools of talent and outline how current staff members are being...

  • Standard A22 Explained

    Why is it important to have a succession plan for the board chair and committee chairs? The board of directors of a charity or nonprofit is responsible for board succession planning.1 Planning for succession to the positions of board chair and committee chairs minimizes disruption as directors...

  • Allocating indirect costs

    Example Ways of allocating the cost A charity's newsletter promotes an event The newsletter's cost could be allocated based on ... the number of pages used to promote the event compared to the total number of newsletter pages (for example, if a charity publishes an...

  • Standard E6 Explained

    Why is it essential for volunteers to be provided with appropriate orientation and training? In order to be effective in their roles, new volunteers or volunteers who are taking on new responsibilities must receive adequate orientation and training. Orientation familiarizes volunteers with your...

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