Nonprofit Board Service for Financial Professionals (Course Id 2398)

• Who is this course for?
  This course is designed for financial professionals such as accountants, CPAs, financial analysts, financial planners, investment analysts, and anyone who has managed company finances, especially those new to nonprofit board service or seeking to deepen their understanding.

• What is this course about or what problem does this course solve?
  The course provides essential knowledge and insights for financial professionals to effectively serve on nonprofit boards, addressing their responsibilities, potential risks, and the unique aspects of nonprofit financial governance.

• How can the knowledge from this course be used?
  Learners can apply the knowledge to confidently evaluate nonprofit board opportunities, understand key financial oversight duties, assess risks, and contribute meaningfully to nonprofit board governance and compliance.

• Why is this course important to a CPA, Accountant, or IRS Enrolled Agent?
  It equips these professionals with the technical knowledge necessary for sound financial oversight in nonprofit organizations, enhancing their governance capabilities and expanding their career or volunteer opportunities.

• When is this course relevant or timely?
  This course is particularly relevant when a financial professional is considering joining a nonprofit board or has recently done so, as it prepares them for immediate and effective participation.

• How is a course like this consumed or used?
  This self-paced, text-based course is delivered via QAS Self Study, allowing learners to read the material, complete review and final exam questions, and earn 3.0 CPE credits upon passing with a score of at least 70%.

Serving on a nonprofit board is a wonderful way to improve our world and can provide some benefits to you. As a financial professional, you have so much to offer not-for-profit companies. This course is for those new to not-for-profit boards and provides insights to those with nonprofit board experience.

This course will cover the duties of a financial professional as a board member. I'll start with the benefits you provide to a nonprofit board and what your board experience may offer to you. You’ll learn the key questions to ask and the important document to review before joining a board. I'll list the three duties of all board members. We'll also explore the personal liability risks of joining a board and some risks the organization faces. You'll learn some ways to mitigate these risks.

The second half of the course goes deeper into nonprofit financial oversight. We'll look at the financial policies that boards use to guide their organizations. I'll explain how nonprofit financial statements differ from for-profit statements and how financial management is also different. We'll look at the duties of the finance committee and the audit committee, as well as the types of nonprofit audits and examinations. I thought a great way to end a course on tax-exempt organizations is with a lesson on tax compliance. Ironic, isn't it?

This course is tailored to financial professionals, which includes:

• Accountants and CPAs
• Financial analysts
• Financial planners
• Investment analysts
• Anyone who has managed finances at a company

This course focuses on the financial governance, risk management, and compliance aspects of board service. It does not go into the details of accounting for nonprofits, completing tax forms, audit procedures, etc. There are many good courses by others that cover this.

The author has worked for multiple nonprofits, including as CFO and SVP of Finance. He has also served on multiple nonprofit boards.

NASBA QAS - Text - NASBA Registry - 2398

Course Learning Objectives

• Recall the duties of a board member
• Identify key aspects of nonprofit financial statements
• Recall important nonprofit financial filings, exams, and audits
• Recognize the duties of nonprofit finance and audit committees

Section 1: Welcome and Overview

Overview and Welcome

Benefits a Financial Professional Can Bring to a Nonprofit Board

Joining a Not-for-Profit Board

Duties of Board Members

Risk

Review Questions #1

Section 2. Nonprofit Financial Governance

Financial Management Policies

Nonprofit Financial Statements

The Finance Committee

The Audit Committee

Types of Audits and Examinations for Nonprofits

Tax Compliance

Key Takeaways

Review Questions #2

Glossary