Not for Profit boards require enhanced business, financial and investment skills to navigate the new challenges around the changing regulatory environment, according to independent assurance, tax and advisory firm, Grant Thornton which offers a checklist for financial competency.
The past decade has seen increasing pressure being placed on directors of Not for Profit organisations in dealing with the changing regulatory environment.
Whether it be understanding the impact of consumer-directed funding, dealing with lower returns from traditional investments, establishing social enterprises or exploring Impact Investing as a new funding source, boards are facing challenges they haven’t previously encountered. And in most cases their work is on a voluntary basis in their spare time.
To navigate these challenges, Not for Profit boards require enhanced business, financial and investment skills.
Read more: Supporting Your Board to Meet the Challenges of the Future | Pro Bono Australia