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2-24 notes - 3-10 is the midterm Nonprofit risk is not as...

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Unformatted text preview: 3-10 is the midterm Nonprofit risk is not as impt for the small nonprofits *This chapter gives some nice checklists Risk management-managing how nonprofits assess risks in terms of its operations so that a nonprofit can reduce risk. Nonprofits often have events outside their home office so they need liability insurance. A tip is to centralize personnel operations to increase communication Directors are liable for financial performance of a nonprofit. This is a product of Sarbanes-Oxley Act. Pg 231 lists risk management factors and procedures Risk management doesn’t assume the honesty of the nonprofits employees so employee dishonesty is something you need to be prepared for. Look at pgs 234-5 Event Insurance is normally event to event and only covers that specific event Understand that transferring of risk is when you transfer risk to a larger group that is associated with you, i.e. churches-major denominations’ insurance can cover individual churches of their kind so those issues are “pooled”. The advantage of this is that the larger body can provide overview and advice and insight as well as be a consultant to the smaller body. Pg 241-2 features of insurance policy Umbrella liability is the easiest way to go b/c it covers everything For the test understand the general concept of liability insurance Guidestar has free advice links for insurance issues Claims and pension management: don’t worry about it b/c they are normally handled by a third party Prepare for a full class length on Chapter 8 which will deal with 990’s. We got out at 7pm which is why these notes don’t look very long and half that time was spent asking ? about the midterm. ...
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