7.1 Governance for Impact Chapters – Overview

Appropriate governance requires a variety of policies, procedures and safeguards be put in place. Please consult your own attorney for legal advice.

Board of Directors: Board terms, structure, roles, responsibilities, and composition must be determined. This includes job descriptions, committee structure, adding or removing directors, frequency of meetings, etc.

Financial & Accounting Procedures: Impact100 must be good stewards of the funds we collect and the grants we approve. Checks and balances are vital to ensure no one person has exclusive access to the funds. Prudent procedures and safeguards protect everyone. Timely tax filings and monthly financial reports to the board are expected.

Director & Officer Liability Insurance: Obtaining D&O insurance is a standard for most nonprofit boards and provides an important protection for your board of directors. Additional protections like a cyber liability policy, for example, may be beneficial.