I’m a Nonprofit Board Member – Now What?
If you’re on the Board or in a decision-making role, you are a Fiduciary.
Fiduciary Excellence leads to trust.
Trust leads to enhanced donor confidence and board engagement, which leads to increased donations, financial security and mission success.
“The Most Important Thing”
A few days ago, I was speaking with a recently appointed Nonprofit Board Member and he asked me “What’s the most important thing I need to know to be a good Board Member and help my Nonprofit?”
Sometimes I have an irritating habit of answering a question with a question. This was one of those times. “What’s the most important asset of your Nonprofit?” I asked. Seeing this wasn’t getting us anywhere quickly, I suggested “For nonprofits, reputation is everything. It’s at the core of the trust and faith your existing and future donors and volunteers have in your Nonprofit. (By the way, I’m not the only one who thinks this. Check here for the MIT Sloan Management Review 2014 “How Nonprofit Organizations Use Reputational Risk Management.)
So, what’s the best way to manage your Nonprofit’s reputation? Well, that’s the most important thing – fulfilling your Fiduciary responsibilities. Managing your Nonprofit’s reputation is a whole lot easier if you effectively manage your fiduciary responsibilities.
Most people don’t use the word Fiduciary every day, and probably fewer understand what it means. But when you learn that Fiduciary is derived from the Latin word for Trust – it all makes sense and is easy to remember. Fiduciary principles are the oldest and most revered concepts in law. They are often found in the ancient texts of the major religions; for example, The Golden Rule in Christianity.
Knowing what’s most important is the first thing. Knowing how to easily and systematically accomplish it is the next thing.
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!
Download our Training Introduction here.