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Directors or Boards are the governing bodies for nearly all non-profits and businesses. They establish the plans for the organization, grant the individuals who execute these plans, and oversee the executive staff. Many nonprofits also have advisory boards that offer guidance or advice to the director and executive.
Commercial and nonprofit boards share certain similarities in the path to success. A healthy board requires careful recruitment, orientation and training for new members; focus on developing a true partnership between staff and the board and respect for the time and commitment required by board members who volunteer.
Both types of boards play the responsibility of setting strategic goals and ensuring the management’s actions are in line with these goals. Both types of boards must ensure that operating plans are in place, that financial resources and allocations are done in a way that achieves short- and long-term goals for the organization, and that policies encourage compliance with legal and ethical standards.
Non-profit boards tend to be larger than for-profit ones because they must represent all stakeholders that are involved in the institution. This is often the case with boards of independent colleges for instance, having 70 or more members who are parents, teachers staff, alumni and faculty are members, as well as wealthy individuals.
Typically both nonprofit and for-profit boards meet a few times per year to discuss their work and make decisions. They also have their own governing documents which include bylaws, articles of incorporation and descriptions of the responsibilities and responsibilities of the board, individual directors and committees. Both types of boards create written policies that include those regarding director autonomy, conflicts of interests code of conduct, and indemnification.
