A board of directors depends on various types of documents to perform its duties, ranging from legal requirements to internal policies and guidelines. In order to take effective decisions, directors require access to clear, concise and complete information.

It is vital that every non-profit organization swrc2.info has the right documents for its board to ensure success. Without the right materials, a board can get overloaded with administrative tasks and lose the focus on strategic growth. To ensure that your board meets its fiduciary obligations of accountability, it’s important to keep these five key documents at hand:

Board papers are the documents that board members read prior to and during board meetings. These documents are essential because they provide background and context that helps boards make informed decisions. Board papers should be concise, clear and complete. This is a combination of three factors:

Financial Statements

Board members need a quick and easy snapshot of the financial health of their company to know what’s owned, how much cash is on hand and what expenses are approved by the board. The board should be acquainted with the company’s financials to be able to ask the pertinent questions at meetings, and oversee the CEO’s financial accountability.