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Annual Requirement for a Nonprofit Board of Directors

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As for the annual requirements of a nonprofit board of directors, there are several key activities that they should undertake each year:

Annual Review: Hold an annual meeting of the board of directors to review the nonprofit's progress and performance over the past year, and to set goals and objectives for the coming year.

Financial oversight: Review the nonprofit's financial statements, including the annual budget, income statement, and balance sheet, to ensure that the organization is managing its finances effectively.

Governance review: Review the nonprofit's governance policies and procedures, including its bylaws, conflict of interest policy, and code of ethics, to ensure that they are up-to-date and effective.

Staff evaluation: The board leads the annual performance review of the executive director, but should also review staff performance to identify staffing gaps, training needs, potential problems, and more.

Program evaluation: Evaluate the nonprofit's programs and services to ensure that they are meeting the needs of the community and fulfilling the organization's mission.

Fundraising review: Review the nonprofit's fundraising activities, including its development plan, donor recognition policies, and fundraising goals, to ensure that the organization is meeting its fundraising targets and is complying with all relevant laws and regulations.

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