Dollars & Sense
What do the Duties of Care and Loyalty Look Like?
What do the Duties of Care and Loyalty look like?
HomeschoolCPA Carol Topp frequently mentions that homeschool leaders have a duty of care and loyalty to their groups. What does a duty of care look like? How do I know if I am being loyal?
This is the first part of a 4-part series on tips for homeschool leaders a workshop given to homeschool leaders in Austin Texas in February 2020.
Some of the ways to demonstrate a duty of care and loyalty for a leader include:
* Have Board meetings
* Manage the money well
* Have insurance
* Avoiding conflict of interest
* No self dealing (the board gives itself discounts)
In the 4 part podcast series Carol discusses:
Episode #203 Leader mindset and attitudes
Episode # 204 What do the duties of care and loyalty look like?
Episode # 205 The duty of compliance with the laws for nonprofit organizations
Episode #206 Managing records and finances in you homeschool group
Each episode can be found at HomeschoolCPA.com/Podcast.
Handout of the workshop: https://homeschoolcpa.com/wp-content/uploads/2020/11/Top-Tips-Handout-2020.docx
Money Management in a Homeschool Organization
* Does your homeschool group manage their money well?
* Do you have a budget and know where the money is spent?
* Do you know how to prevent fraud?
This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.
A checklist of best practices to avoid embezzlement. It is available at HomeschoolCPA.com/Fraud
Podcast # 105 Podcast episode on preventing fraud
How to avoid self-dealing. The board cannot vote themselves benefits like discounts. Listen to Podcast #71 on how to thank volunteers without self-dealing.