Last week’s Raffa Learning Community session on Educating and Presenting Financial Information to Board Members, led by Bob Bloom, nonprofit audit senior manager at Raffa, was designed for finance officers, executive directors and board members of nonprofits.
Senior members of various nonprofits in the Washington D.C. community attended – from CFOs from private schools, foundations and think tanks, to a future head of school, nonprofit consultants and several Board members. The group was represented by “start up” nonprofits as well as longstanding mature nonprofits with overlapping issues.
Slides from the session are available online:
The group had a lively discussion of Board members, their fiduciary responsibilities, how Board members can best manage their roles and how they can best apply the right amount of due diligence. They also discussed an executive director’s role in reporting to the Board and how to manage that relationship.
Bloom shared examples of internal financial reports that a Board member should expect from an organization’s CFO. He also reminded the senior managers in attendance of the importance of finishing the year-end audit and presenting a draft of the Federal Form 990 for review by the Board in a timely manner (rather than at the final deadline).
The group also discussed cash flows projections and Board governance issues, such as a whistle-blower and conflicts of interest policies and audit committee charters and responsibilities.
Similar Learning Community discussions are in the works for the spring and fall.