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A board of directors rely on several types of documents to carry out its duties, ranging from legal requirements to internal policies and guidelines. In order to take effective decisions, boards require access to concise, clear and complete information.
The proper board documents is crucial for any non-profit to be successful. A board can get overwhelmed with administrative duties without the right materials and lose focus on strategy. It is essential to have these five documents in your arsenal to ensure that your board is fulfilling its fiduciary duty of accountability.
Board papers are the documents that board members study prior to and during board meetings. These documents are vital because they provide background and context that helps boards make informed decisions. Board documents should be concise, clear and thorough. This is a combination of three factors:
Financial Statements
Board members need a picture of the financial health of the company that is simple to comprehend. This will help them understand what the company owns, how much cash is in the bank, and what expenses have been voted on by the board. The board must be knowledgeable about the company’s finances, so they can ask the pertinent questions at meetings and also supervise the CEO’s financial accountability.