I’m a Nonprofit Board Member – What’s up with all this jargon?
Communication can be a funny thing – each group has its own special terminology and shorthand that can prove frustrating until you “speak the language.” Our Language of Nonprofit Fiduciaries© is a great tool and will get you speaking Fiduciary in no time!
Nonprofit Word of the Day: Global Fiduciary Precepts
Some people like $2 words. What’s a precept anyway? (Another bonus for you: A Word of the Day with 3 words!)
Global Fiduciary Precepts are legal principles that provide a sound foundation for prudent decision-making. The eight Global Fiduciary Precepts are:
- Follow Laws and Governing Documents
- Diversify to Manage Risk and Return
- Prepare and Follow an Investment Policy Statement
- Prudently Select Fiduciary and Non-Fiduciary Service Providers
- Control and Account for Costs
- Avoid or Manage Conflicts of Interest
- Monitor Service Providers
- Monitor and Assure Conformity to Fiduciary Obligations
These Precepts are readily implemented by following the Prudent Practices for Investment Stewards. Understanding and implementing these practices is extremely valuable and puts you directly on the path to Fiduciary Excellence.
Learn more about Prudent Practices for Investment Stewards published by Fi360, here.
Our team of experienced fiduciaries and CEFEX Analysts provides practical fiduciary education and consulting services to help you readily meet your fiduciary responsibilities so you can focus on what inspires and motivates you!