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The Nonprofit Blog
The villain, Bernie Madoff awaits his sentencing and most people in the nonprofit sector are hoping for the full 150 years. What was he thinking when he put so many vital organizations' precious endowments at risk? Could anyone be that evil? It’s hard to imagine. Rather, I believe he actually thought he was doing some of our nation’s largest charities and philanthropists a big favor. He probably did not even consider the possibility that he could fail.
Nonprofit boards are highly accountable. Their business is not private, it is public. Nonprofits are responsible to their donors, their clients, our communities and to society as a whole. They must be held to a much higher standard than the business sector. Maintaining best practices when it comes to board governance and transparency when it comes to deliberations will ensure that special dealings such as the Madoff opportunities are avoided.
Do I make it sound simple? It is. The resources are plentiful and readily available. Summer is a great time to plan a fall retreat to concentrate on your responsibility as a board to set the standards high.