Glossary

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This exercise is designed to help you reinforce your understanding of key terms and concepts related to nonprofit governance. By filling in the blanks, you will review important definitions that are critical for effective governance and compliance in a nonprofit setting.

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A situation in which a board member’s personal interests could potentially interfere with their ability to make impartial decisions is known as a _ _ _ _ _ _ _ _ _ _ _ _ _.

Conflict of Intrest

Quorum

Interest Alignment

Conflict of Intrest

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Provides additional insurance coverage beyond what general liability, auto liability, and other policies cover, offering extra protection against financial losses is known as _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _.

General Assurance Policy

Universal Coverage Policy

Umbrella Liability Policy

Umbrella Liability Policy

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An annual information return that most tax-exempt organizations must file with the IRS is known as _ _ _ _ _ _ _ _ _ _.

IRS Form 1040

IRS Form 990

IRS Form 990

IRS Form W-2

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Executive Summaries

Internal rules governing the operation of a nonprofit organization are called _ _ _ _ _ _.

Bylaws

Bylaws

Operational Manual

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The legal duty of a board member to act in the best interest of the organization, including the duties of care, loyalty, and obedience, is referred to as _ _ _ _ _ _ _ _ _ _ _ _.

Professsional Conduct

Fiduciary Duty

Operational Responsiblity

Fiduciary Duty

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Great Job!