A nonprofit should have in place, follow and regularly review policies that relate to board oversight, in addition to a board governance policy. It’s advisable to have the following policies, including those mentioned on IRS Form 990:
- Meeting minutes
- Conflict of interest
- Document retention and destruction
- Whistleblowers
- Review of executive compensation
- Gift acceptance
- Chapters, branches and affiliates, if applicable
- Joint venture arrangements, if applicable
- Review of Form 990 prior to filing
Feel free to contact us – we would be happy to assist you in developing policies. And if you have an annual audit, your auditors might suggest ways to improve your existing policies and procedures. For more advice about board governance topics, visit the Independent Sector website. Other nonprofit management websites, such as BoardSource, also have a stash of information on governance subjects.
