An institution’s senior business leaders often have substantial and critical relationships with members of their Boards of Trustees and the board’s members of the relevant finance and business committees. This special relationship requires superior skill in turning data into information and explaining the intricacies of a complex non-profit organization to individuals who are largely from the for-profit world.
Additionally, the institution’s Chief Business Officer (CBO) reports directly to the President and is often called upon to represent the president’s direction in board committee meetings and during asides at social functions. As fiduciary, the finance chair and board members play a pivotal role in ensuring the institution is well managed and operates within its financial means, ensuring enough net margin for strategic growth investments and reserves to weather turbulent times. To achieve these objectives and solidify their partnerships, CBOs, Budget Directors, Controllers, Risk Managers and others spend a great deal of their time supporting board activities and interests.
This series on Governance and Administration seeks to provide practical tips and strategies to improve work and outcomes with boards particularly on topics linked to finance, audit, and risk.