Session 1: Legal, Financial, and Governance Fundamentals for Nonprofits
The first workshop of this learning series provided a framework for setting the right legal, governance, and financial habits in the early stages of organizational development. The workshop covered what it means to be a nonprofit corporation, the benefits and burdens of being a 501(c)(3) public charity, and considerations in forming and structuring a board of directors and leadership team. Participants discussed the key elements of accounting systems and financial reporting, concentrating on stewardship of assets and optimizing financial management systems. Participants were able to:
- Describe what it means to be a nonprofit corporation and a tax-exempt public charity.
- Examine different approaches to forming and structuring a nonprofit Board of Directors and leadership team.
- Identify the key components of accounting systems and safeguarding financial assets.
- Compare internal and external financial reporting to staff, management, board of directors, and other leadership.
Access past session materials below:
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