RedRover’s Board of Directors is responsible for maintaining the organization’s financial accountability, which requires transparency in all financial and tax reporting. The Board is responsible for ensuring that RedRover’s assets are properly maintained, and works with management to guarantee the implementation of sound internal controls to prevent fraud. In addition, the Board monitors RedRover’s fiscal health by regularly discussing the sustainability of its business model, approving its annual operating budget, reviewing quarterly financial statements and playing an active role in the review and approval of the annual audit and IRS Form 990.
The Board is also responsible for RedRover’s legal obligations, including tax filings and observing state fundraising registration requirements. The Board direct decisions regarding all litigation brought against the organization. (See the other FAQ for information about Directors and Officers Liability Insurance.) The RedRover Board also reviews and documents the compensation of the President and CEO and Chief Financial Officer, and countersigns any financial transaction over $15,000.
The Board is RedRover’s primary strategic decision-making body, acting in consultation with the Chief Executive Officer and the Chief Financial Officer, and with the advice and guidance of other staff and voluntary leaders. The Board is responsible for ensuring the effective implementation of RedRover’s strategic plan over the next several years, as well as providing on-going strategic oversight of the organization’s programs to ensure they are executed in a manner consistent with RedRover’s stated mission.