Form 990 & Internal Control

MSAE's Financial & Accounting Networking Group met today to discuss Form 990 and learn from each other's experiences. Below are the top takeaways from the meeting:

1. Changes to Form 990 for 2011
   
2. Visit GuideStar online to view Form 990's - it's all online and easily accessible.
   
3. If board member recommends friend/family member for service, probably in best interest to avoid due to conflict of interest policy.
4. "It's okay to be on the leading edge, not the bleeding edge"

The group will meet again on May 10 at The Harrington Company to discuss budgeting and UBIT, visit MSAE's Calendar of Events to register.

Board Orientation Best Practices

MSAE's Financial & Accounting Networking Group recently met to discuss board orientation best practices, from a fiduciary perspective. Here are the top takeaways from the meeting:

1. Include a confidentiality section as part of your board orientation and policies.
2. Post minutes, board packets and policies online - it will save you time and money!
   
3. You must have D&O insurance and make sure check what it covers - limits, etc.

The group will be meeting again in 2012 - stay tuned for meeting dates.

Ethics

I know I said I was going to focus on the positive - BUT - who are these people running our largest corporations? Has greed and corruption simply become a way of life in corporate America? I just hope that we, the general public, and the association community look at this corruption, (AIG, Lehman Bros.) this greed, this unethical behavior and strengthen our own efforts to run organizations that are transparent, socially responsible, fiscally responsible, and true to our missions. At that same time let's demand that all leaders begin to show some of this same restraint.