Board members of nonprofits must be prepared to handle many different duties. The most important are establishing management and governance policies that ensure the sustainability of a nonprofit and ensuring financial oversight. They also design strategic plans and supervise the implementation of these plans. In certain circumstances they may be personally liable for nonprofit obligations. For instance failing to pay withholding tax on wages of employees.
In many cases, a board will hire an individual to oversee the company. This is referred to as an executive director, or CEO, and their role is to hire and train the staff and board members. They could also be involved in fundraising activities. It is important to mentor the first executive director/CEO to assist them in understanding how to work in conjunction with the board.
Board members must make sure that the institution has enough funding to implement its programs. This could include personal donations in fundraising events, as well other philanthropic endeavors. The Board should be well-versed in the process of reporting financial statements and ensure that a clear system is in place to guard against fraud or embezzlement. They should also know how to prepare an annual budget and approve it, and they are accountable for ensuring how closely the actual expenditure matches the budget.
https://kidsboardroom.com/goal-tracking-apps-for-board-members/