Not-for-Profit Governance And Fiscal Workshop: Key Topics For Board Members And C-Suite.pdf

Discussion Points with the C-Suite

This summary outlines critical areas board members should address with their Chief Executive Officer (C-Suite) during strategic planning sessions, focusing on long-term sustainability and organizational resilience.

I. Cybersecurity:

Risk Assessment: Evaluate current cybersecurity measures and identify vulnerabilities. Discuss strategies for mitigating risks, including data protection, incident response plans, and employee training.
Compliance: Ensure adherence to relevant data privacy regulations (e.g., HIPAA, CCPA) and industry-specific standards.
Budget Allocation: Secure adequate funding for cybersecurity infrastructure and personnel.

II. Workforce Challenges:

Talent Acquisition & Retention: Addressing the evolving skills landscape and competition for talent in the non-profit sector. Develop strategies to attract, retain, and develop a diverse workforce.
Remote Work & Flexibility: Evaluate the impact of remote work trends on organizational culture, collaboration, and employee well-being. Implement policies that support work-life balance and adaptable work arrangements.
Diversity, Equity, and Inclusion (DEI): Foster an inclusive workplace culture that leverages diverse perspectives. Set measurable goals for DEI representation at all levels of the organization.

III. Audit & Accounting Updates:

New Accounting Standards: Stay informed about changes in accounting standards (e.g., CAS, CECL) and their potential impact on financial reporting and internal controls.
Internal Control Strengthening: Collaborate with auditors to identify weaknesses in internal controls and implement remediation plans. Enhance transparency and accountability through robust financial management practices.
Transparency & Stakeholder Communication: Ensure clear and accessible communication regarding financial performance, challenges, and changes in accounting policies.

IV. Leases & Single Audit Requirements:

Lease Negotiation & Management: Review lease agreements for favorable terms and cost-effectiveness. Implement robust processes for lease administration and compliance with reporting requirements.
Single Audits: Prepare for upcoming single audits by ensuring accurate financial records, internal controls, and documentation. Address any findings from previous audits to prevent recurring issues.

V. CAS (Charitable Asset Valuation) & Internal Controls:

Asset Valuation: Ensure proper valuation of charitable assets (e.g., property, equipment, investments) in accordance with CAS guidelines.
Internal Control Framework: Strengthen internal controls to safeguard assets, prevent fraud, and ensure operational efficiency. Regularly assess and update control procedures.

VI. Non-Financial & In-Kind Contributions:

Diversification: Explore a range of non-financial contributions (e.g., volunteer time, in-kind donations) to enhance program delivery and sustainability.
Recognition & Reporting: Develop strategies for recognizing and reporting the value of non-financial contributions accurately.

VII. CECL (Current Expected Credit Loss):

Lending Practices: Understand the impact of CECL on financial statement reporting, particularly for organizations involved in lending or loan guarantees.
* Risk Management: Implement robust credit risk assessment and monitoring processes to mitigate potential losses.