Liability and Fiduciary Responsibility for Board Members?
Date: July 26, 2012
I think I am on track with who I am asking to be on the board of my fledgling arts organization. I asked someone to join the board that I respect and thought would be an asset. She asked me "What is the liability and fiduciary responsibility of board members?" It is a little embarrassing to ask, but isn't the point of incorporating to limit the liability and potential financial responsibility to staff and directors? We are a non-stock non-profit company but have not yet applied for 501c3 status. I do have books to read up on this so feel free to leave me to the wolves. I will only use your advice to seek out more info and will not consider it legal advice so no need for disclaimers.