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Board Of Directors Of Nonprofit Organizations

507 Words3 Pages

Assignment 2 According to McLaughing (2010), the board of directors of a nonprofit organization can have many different responsibilities, which include but are not limited to, protecting the assets and liabilities of the organization. Moreover, the board of directors, along with organizational leaders, are responsible for ensuring the organization endures for the future. The board of directors of a nonprofit organization often makes decisions based on concepts and strategies. When it comes to the organizations assets the board is responsible for protecting them in hopes those assets will grow in the future. Therefore, the board makes recommendations on how assets are allocated, how to spend funds, as well as controlling expenditures. Additionally, Lesson 2 (2016) points …show more content…

According to Lesson 2 (2016), the chart of accounts refers to a list of different accounts which records the financial transactions of an organization, it facilities reporting by grouping like items together. Moreover, the chart of accounts helps organizations keep accurate records of their business transactions by organizing information. According to Cooper and Pattanayak (2011), the chart of accounts is crucial to organizational budget management; when there are mistakes associated with the chart of accounts it can have lasting effects on the organizations financial information, which is often used to make critical decisions. There are five main categories (assets, liabilities, equities, revenues, and expenses) in the chart of accounts and they are arranged based on the type of transactions. Assets refer to things the organization owns, liabilities are things the organization owes, whereas equity refers the overall growth of the organization. On the other hand, revenues refer to the monetary gains of the organization, and expenses is the money

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