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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...
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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...
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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...
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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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Why is it essential for organizations to have a formal process to manage workplace conflicts? Workplace conflicts arise in all organizations, and having a formal process in place helps employees resolve emerging conflicts quickly before they escalate into larger problems.1 Conflict management...
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Definition: Audit1An audit is the highest level of assurance that can be provided on financial statements. An audit provides reasonable assurance that the entity’s financial statements present fairly its financial position, financial performance and cash flows in accordance with the applicable...
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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...
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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...
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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...
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Why is it important for volunteers to be given regular opportunities to offer and receive feedback? Feedback is a “direct response, positive or negative, to an activity performed in the interest of the organization.”1 Providing feedback to volunteers is most effective if it is immediate, ongoing,...
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