The governing board of a not-for-profit (NFP) establishes the strategic objectives of the organization and oversees its management to carry out the organization's mission. Along with this responsibility comes legal and ethical obligations to the NFP. An NFP's governing body has liability for the NFP and, therefore, it is the final authority. No matter what the size of the organization, board members are expected to make reasonable and sound judgments when acting on behalf of the NFP. This CPE course provides an overview of procedures and policies which help maintain good governance and financial oversight by an NFP's board.
Note: As of July 31, 2018, course content has been updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08).