Under the law, a non-profit Board member must meet three standards of conduct:
Duty of Care means exercising your best judgment (reasonable caution) when making decisions. You can fulfill this duty by learning about the Community Foundations’ programs, attending meetings, participating in discussions, and making sure you obtain the necessary information to ask questions.
Duty of Loyalty means putting aside your personal and professional interests for the good of the organization. When you enter the boardroom, you are expected to focus exclusively on what’s best for the TRACF. A conflict of interest declaration signed each year is one way you can assure you fulfill this duty.
Duty of Obedience means ensuring that the TRACF stays true to its mission and purpose. Directors carry out this duty by overseeing the TRACF’s distribution of funds and monitoring compliance with all applicable laws and regulations.
Under those basic rules of conduct, the Board is responsible for governing and setting broad policies and goals for the Community Foundation. The Board gives the Executive Director/Foundation Administrator authority to implement the goals and for the day-to-day management of the Community Foundation.