Fiduciary Duties
This group shares collective responsibility for the fiscal health and solvency of the organization
Who is the Board of Directors?
This New York State law governs the behavior and structure of nonprofit boards
What is the Not-for-Profit Corporation Law (N-PCL), Article 5?
This is the number of years a Director is appointed.
What is 2 years?
This person serves as chair of the Executive Committee
Who is the Board President?
To ensure the physical, mental, spiritual, political, cultural and economic survival and growth of Lesbian, Gay, Bisexual and Transgender people of color communities.
What is the Mission?
Requires disclosing potential conflicts of interest
What is the duty of loyalty?
Means personal financial gain not related to lawful compensation for services rendered
What is “pecuniary profit”?
This percentage of the Board must identify as LGBTQ and people of color
What is 51%?
This committee oversees finances and recommends the annual budget
Who is the Finance Committee?
To set the standard for National People of Color LGBT organizations.
What is the vision?
The three core fiduciary duties of nonprofit board members
What is duty of care, duty of loyalty, and duty of obedience?
The Board must do this before selling or transferring corporate property
What is approve the transaction and ensure it supports the mission, not private gain?
This happens if a Director misses more than four meetings or fails to pay dues
What is automatic removal?
This person keeps the minutes and serves all notices of IOOV
Who is the Secretary?
•Communication
•Honesty & Integrity
•Service to Others
•Responsibility
•Quality
What are our Core Values?
This duty ensures that all board actions align with the mission and comply with laws and governing documents
What is the duty of obedience?
Paying reasonable compensation to staff or reimbursing board-approved organizational expenses is...
What is a lawful financial transaction?
The Board must meet this many times per year
What is 10?
This person keeps accurate accounts of receipts and disbursements of IOOV.
Who is the treasurer?
This year IOOV became a 501c3
What is 1998?
This fiduciary duty might be breached if a board member votes on a budget without reviewing the financials
What is the duty of care?
True or False? Directors may receive profit from the corporation’s revenue
What is False?
These individuals sign contracts exceeding $25,000
Who are the President and Executive Director?
This committee seeks and nominates qualifies candidates for appointment to IOOV Board of Directors
Who is the Nominating Committee?
These people wrote letters to the media and got together at the Social Justice Center when IOOV was envisioned
Who are Barbara Smith and Cordell Boone?