As CEO of the Kentucky Baptist Foundation (KBF) I am honored and blessed to be supported and guided by an excellent board of directors. The sixteen men and women who serve as directors of the KBF are elected by the Kentucky Baptist Convention messengers during the KBC’s annual meeting. All of these individuals are active members in their local Kentucky Baptist church and they each bring unique professional experiences to the financial stewardship ministry of the KBF.
A nonprofit board member plays a vital role in the ongoing success of an organization’s ministry. While each organization has unique characteristics, nonprofit boards usually have decision-making responsibility on strategy, direction, policy and governance. A board’s scope of responsibility normally includes:
· Defining the organization’s mission and goals, and making decisions on strategy.
· Monitoring organizational performance to confirm the organization is being managed capably and there is accountability for the organization’s operations and results.
· Providing effective stewardship of the organization’s resources.
· Overseeing the stability of the organization in critical areas, including financial statement integrity and internal risk systems and controls.
· Recruiting, selecting, supporting and assessing the organization’s chief executive.
· Evaluating and strengthening the board’s effectiveness.
· Enhancing the organization’s public image and generating support for its activities.
Directors of a nonprofit organization such as the KBF have fiduciary duties and thus have the responsibility to protect and preserve the organization’s resources for the ministry and charitable purposes for which the organization was established. This means that the directors accept a stewardship role over the KBF’s assets to confirm that resources are utilized in a reasonable and appropriate way. As persons of trust, board members have the authority and obligation to act prudently, honestly and in good faith on behalf of their nonprofit entity.
Kentucky Baptists can be assured that the KBF’s board of directors and staff work diligently to fulfill its stewardship duty in all facets of its work. The Kentucky Baptist Foundation is honored to work with Kentucky Baptist families that are seeking how best to organize their estate planning goals to achieve their personal and charitable objectives in support of their church and other Baptist causes. To learn more, you may contact the Foundation’s trust counsel, Laurie Valentine, or me at our toll-free number (866) 489-3533.
Richard Carnes is president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; toll-free (866) 489-3533; KYBaptistFoundation.org
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.