Frequently Asked Questions
Financial Accountability and Audit Committees
These FAQ's from the National Council of Nonprofit Associations focus on the establishment of board audit committees.
Tools
Audit Committee Charter
This is a sample charter defines an audit committee's purpose, composition, meeting frequency, and scope of work.
Audit Committee Due Diligence Checklist
This sample set of questions identifies the areas of inquiry for an audit committee.
Parent Association Sample By-Laws
From ISACS
Parents Associations For Independent Schools
As a result of school audit recommendations, many schools focus on improving the accountability of parent associations. This ISACS monograph describes the relationships among the board, administration, and parent association and provides recommendations for improving accountability.
Sample Conflict of Interest Policies
These samples describe the conflict of interest policies to which all board members at these sample schools are bound. All sample policies require a signature from each board member and some of the samples require board members to list individual circumstances or relationships that may contribute to a potential conflict of interest.
Relevant Reading
Head-Business Manager-Board Triad: Practices for a Successful Partnership
This presentation is from a Financial Management Community of Practice call. The slides and accompanying notes delve into best practices for a productive partnership among the Head of School, Business Manager, and Board. Sarah Daignault delves into individual and committee-wide role definitions, pitfalls to be aware of, fiduciary responsibility, and how to report financial information to multiple audiences.
Financial Leadership: The Board's Role
This NBOA PowerPoint outlines ideal independent school board and committee structure.
A Board-Staff "Contract" for Financial Accountability
This article from CompassPoint outlines and differentiates staff and board financial responsibilities.
Legal Responsibilities of Your Nonprofit Corporation
This article from the Center for Nonprofit Management illustrates nonprofit legal responsibilities.
Audit Recommendations from the Los Angeles Bureau of Jewish Education's Financial and Governance Overviews
Recommendation regarding auditing from the BJE of Los Angeles.
Internal Controls in a School Setting
These documents, prepared for PEJE by Donald Snyder, an accountant and day school board member in Los Angeles, focus on internal control best practices for schools.
The Sarbanes-Oxley Act and Implications for Nonprofit Organizations
This article summarizes key provisions of the U.S. Sarbanes-Oxely Act and describes the implications for nonprofit governance and fiscal oversight.
Print Page