The Board’s Fiduciary Responsibility: The Audit Committee and the Finance Committee

Ideas & Perspectives
Ideas & Perspectives

Volume 41

No. 8//

June 27, 2016

We often hear the phrase “the Board has fiduciary responsibility.” This phrase merely means that each Board member has the legal responsibility to act solely in the best interests of the school they serve. To facilitate good fiscal stewardship, ISM recommends two finance-oriented committees to assist the Board in this crucial area: the Finance Committee and the Audit Committee. Let’s explore the roles of the two committees.

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