This information is helpful for non-financial management and board of directors of Not-for-profit organizations (NFPO) so they can understand the financial part of being a board member or an executive director of a NFPO. A lot of board members have different experiences and have worked in different industries but not all board of directors are comfortable with the financial aspect of their fiduciary duties as board members for a NFPO. They are however required to have the basic knowledge of the finances and financial governance for the organization.

What is financial governance?

Financial governance refers to the processes and structures used to direct and manage an organization’s financial transactions and activities. These are the resources, people or material resources, that you put together as management of a NFPO or as a board of director to ensure that the assets of the NFPO is used effectively and efficiently, that the assets are protected and used for the...