Dollars & Sense

Dollars & Sense


What do the Duties of Care and Loyalty Look Like?

November 19, 2020

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

Featured Resources:


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.