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Role of Board Members
Organization Types
Audited Financial Statements
Net Assets
Miscellaneous
100
Requires Board Members to stay objective, unselfish, responsible, honest, trustworthy, and efficient.
What is Fiduciary Responsibility
100
Principal purpose is to carry out an agreed upon mission without the objective of making a profit and with the promise not to distribute the organization’s assets to benefit individuals other than the clients the organization was formed to serve.
What is nonprofits
100
Required for nonprofit organizations since 1995 by the Financial Accounting Standards Board Statement Number 117 and includes: Statement of Financial Position, Statement of Activities, Statement of Cash Flows & Footnotes
What is Audited Financial Statements
100
An accumulation of the organization’s financial returns since inception. (The equivalent of retained earnings of a for-profit enterprise.)
What is Unrestricted Net Assets
100
Defined as unconditional, nonreciprocal transfers of assets. Contributions are recorded immediately when cash is received and when pledges are made, even with donor restrictions.
What is Contributions
200
Most state laws impose the standard of this on directors of nonprofit organizations.
What is Fiduciary Responsibility
200
Organization where donors may make tax-deductible contributions. Net revenues derived by these organizations from activities related to their mission are not taxed. These organizations qualify for grants from private foundations. These organizations are exempt from other taxes/fees on state and local levels.
What is 501(c)(3)
200
Produced after the external auditor’s review the year-end figures and pass judgment on whether the management-prepared financial statements are “presented fairly” in conformance with Generally Accepted Accounting Principles. Unqualified opinion – clean Qualified opinion – except for… Disclaimer Adverse
What is Auditor's Opinion
200
Either temporarily restricted or permanently restricted with donor-established covenants. Restrictions may include time constraints, defined purpose, and/or use of the principal and/or interest of the corpus.
What is Restricted Net Assets
200
FAS 117 requires these to be reported on a functional basis – categorized into program services, management, and fundraising.
What is Expenses
300
Board members must maintain legal and financial accountability and effective oversight of the organization they serve as a part of this.
What is Fiduciary Responsibility
300
“U.S. and foreign charitable organization is presumed to be a private foundation unless it is a church, school, hospital, medical research organization, publicly supported charity, a supporting organization, or an organization that tests for public safety.”
What is Public Charity
300
The balance sheet of a nonprofit organization for a specific period of time. Assets = Liabilities + Net Assets Assets are owned by the organization Liabilities are owed by the organization Net assets is the difference between what the organization owes and owns.
What is Statement of Financial Position
300
Principle and/or interest will be drawn on for specific, donor-defined purposes; restrictions are typically met with the passage of time or purpose being served.
What is Temporarily Restricted Net Assets
300
Self-dealing and disqualified persons Executive compensation Board compensation Conflicts of interest Grants to individuals Grants to organizations that are not charities International grant making Use of a fiscal agent Lobby and advocacy Accountability and transparency
What is 10 basic areas of complexity in private foundation operations.
400
A tax-exempt charitable organization funded from one source with ongoing revenue derived from investments that makes grants to other charitable organizations.
What is Private Foundation
400
A compilation of the revenues from all sources and expenses. The statement will form a conclusion as to the excess of revenue over expenses and the change in net assets for a specific time period.
What is Statement of Activities
400
Principal and/or interest will be drawn for specific, donor-defined purposes; restrictions never expire nor can they be removed.
What is Permanently Restricted Net Assets
400
When the Charles K. Blandin Foundation was founded.
What is 1941
500
An organization that is neither a private operating foundation nor an exempt operating foundation and sometimes referred to as a grant-making foundation or this.
What is Private Nonoperating Foundation