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The ABCs of Nonprofit FinancesNonprofit Finance For Board MembersSo you have been nominated to sit on a nonprofit board. Do you know a board’s responsibility? What are the financial responsibilities of board members? Let’s first start with the legal duties.Legal DutiesThree primary legal duties are known as the “duty of care,” “duty of loyalty,” and “duty of obedience.Duty of Care: Take care of the nonprofit by ensuring prudent use of all assets, including facility, people, and goodwill;Duty of Loyalty: Ensure that the nonprofit’s activities and transactions are, first and foremost, advancing its mission; Recognize and disclose conflicts of interest; Make decisions that are in the best interest of the nonprofit corporation; not in the best interest of the individual board member (or any other individual or for-profit entity).Duty of Obedience: Ensure that the nonprofit obeys applicable laws and regulations; follows its own bylaws; and that the nonprofit adheres to its stated corporate purposes/mission.DutiesEvaluate Executive Director’s performanceRaise money for the nonprofitAdvocate for the nonprofitUnderstand the nonprofit’s financial positionMake sure to LIKE, SHARE, or COMMENT!Keeping Accounting SimpleAccess free resources and sign up for our blog: https://insightfinancialindy.com/https://insightbusiness.thinkific.com/Follow us on social media platforms: @insightfinancialgrp#nonprofit#nonprofitfinances#financialliteracy#bookkeeping#smallbusiness#accounting#accountingcoach#quickbooks#cannabisaccounting#cannabis