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Most nonprofits and businesses have directors or boards which are the governing bodies who make plans for organizations, give recognition to those who employees who perform the packages, and oversee the executive staff. Many non-profits have advisory boards that provide advice and guidance to the executive director or board.
Nonprofit and commercial boards have certain similarities in the path to success. Healthy boards require careful recruitment, orientation and training of new members; focus on creating a genuine partnership between board and staff and respect for the time and commitment required of board members who volunteer.
A key role for both types of boards is setting strategic goals and making sure that management’s actions are in line to those goals. Both types of boards need to ensure that operating plans exist; that financial resources are safeguarded and distributed in ways that can achieve long-term and short-term goals of the organization; and policies encourage legal and ethical compliance.
Non-profit boards are usually more extensive than those of for-profit corporations, because they need to represent all constituents that have an interest in the institution’s operations. This can lead to boards of independent colleges, for instance, having 70 or more members, including teachers, parents staff, alumni and staff members serve on them, along with wealthy individuals.
Typically both nonprofit and for-profit boards meet at least once a year to discuss their operations and make decisions. Both types of boards have governing documents which comprise articles of incorporation, bylaws, along with descriptions of the responsibilities and roles of committees, directors and the board. Boards of both kinds will adopt written policies, including the ones regarding director independence and conflicts of interest, codes of conduct, confidentiality and indemnification.