Public Charities
There are a number of critical drivers that are important for a nonprofit’s success. An organization needs to implement proper board structure, establish policies, have prudent management of investment assets and having a working knowledge of planned giving tools and trends in philanthropy. While this sounds daunting, partnering with the right consultant can make this process manageable.
Board governance is simply building a structure that will allow the nonprofit organization to succeed. Studies have shown that a board who understands its responsibilities and expectations is a better engaged, more productive board. Having the proper structure and committees is critical to making the right decisions and delegating responsibilities to ensure the organization’s success. It begins by establishing bylaws that serve as guiding principles for the organization. It also is important to build a board with the proper representation that spans a diverse set of skills. Taylor Wealth Management LLC, will help your nonprofit by reviewing the structure, offer recommendations and help to train the board on their responsibilities.
Documented, policies will help to help an organization with its daily operations. For example, a gift acceptance policy can be crucial before embarking on a fundraising campaign. Donors can be creative on their gifts and institutions need to know how to treat those unusual assets. Having policies in place will help to ensure daily operations are consistent. Policies should be created and reviewed on an annual basis.
Prudent investment management for a nonprofit organization is paramount. A significant part of many nonprofits operating income maybe the yield and appreciation off of its investment portfolio. Therefore, it is important for both boards and investment providers recognize their fiduciary responsibility in managing these assets. Boards should document the process for hiring an investment provider, reviewing performance and documenting when a change is needed.
One responsibility of many board members is to introduce potential donors or centers of influence to the staff. Board members are not expected to be experts on planned giving tools and trends in philanthropy but to recognize planning opportunities for the donor and organization. We can help nonprofits by training the board on planned giving and trends in philanthropy.
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