Although they might appear to have nothing in common, commercial boards and nonprofit directors have similar issues when it comes to managing board business. Both are able to benefit from a management system or a board portal to simplify their work. In addition to providing the company with a central repository of information, these tools could help the board perform more efficiently and effectively as a whole.

All nonprofit and for-profit boards are responsible for ensuring that their organizations meet legal and ethical standards. These responsibilities are referred to as fiduciary obligations and include implementing sound governance and financial management policies, and ensuring proper stewardship of funds. The board is also expected to make sure the organization adheres to all laws and regulations related to its mission and that it has the proper amount of resources to accomplish its goals.

In addition to these governing responsibilities Most nonprofit boards must possess some sort of fundraising ability. This means that the board must be prepared to spread the word about the organization, utilize its connections in order to reach potential donors, and, if financially feasible to make their own contributions.

Many nonprofits organize their boards with president, treasurer and secretary. The majority of states require these officer posts for tax-exempt purposes. Most nonprofits also http://www.boardroomhub.net/how-to-write-a-notice-for-a-meeting/ have multiple committees to deal with similar issues such as fundraising, finance and programs. Separate committees enable the board to share its work and are beneficial for attracting new members who might not feel qualified or comfortable to serve on the entire board.