From the Board of Directors Orientation Toolkit, an overview of fiduciary duties so association leaders and executives can ensure that they satisfy those obligations.
Part of the Board of Directors Orientation Toolkit, state and local associations of REALTORS®, and Commercial Overlay Boards, as a condition of membership in the National Association of REALTORS® (NAR), must meet NAR’s Organizational Alignment Core Standards.
Board members have a legal obligation to operate under its governing documents. This supplement to the Board of Directors Orientation Toolkit outlines member duties and can guide board members during their term.
The concept of alignment of interests recognizes that the organization has existed for many years and current volunteers are the stewards. Creating projects and programs without alignment may cause chaos and exhaust resources. Success increases when volunteers understand the framework and align their ideas and actions accordingly. Part of the Board of Directors Orientation Toolkit.
Under well-established principles of nonprofit corporation law, a board member must meet certain standards of conduct and attention in carrying out his or her responsibilities to the organization. Several states have statutes adopting some variation of these duties, which would be used in court to determine whether a board member acted improperly. Part of the BOD Orientation Toolkit.