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Boards or directors are the governing bodies of almost all non-profits and companies. They decide on the policies for the organization, grant the individuals who execute these plans, and oversee the executive staff. Many nonprofits have advisory boards which offer advice and direction to the executive director or board.

Nonprofit and commercial boards share certain commonalities on the way to success. A healthy board requires careful recruitment, orientation and training for new members; attention to creating a real collaboration between staff and board; and respect for the time and dedication required of board members who volunteer.

The primary function of both kinds of boards is setting strategic goals and making sure that management’s actions align with those goals. Both types of boards have to ensure that there are operating plans in place, and that financial resources as well as allocations are done in a manner that is consistent with the long-term and near-term objectives for the organization, and that policies encourage conformity with ethical and legal standards.

Nonprofit boards are usually larger than for-profit ones, as they represent all stakeholders who have an interest in the institution. This is often the case with boards of independent colleges, for example, having 70 or more members including parents, teachers staff, alumni and faculty serve on them, along with wealthy individuals.

Both for-profit and non-profit boards typically meet several times a year to discuss their operations and make important decisions. They also have governing documents, which include articles of incorporation, bylaws and descriptions of the responsibilities and obligations of the board, committees, and individual directors. The two types of boards create written policies, including those on director autonomy, conflicts of interests and codes of conduct as well as indemnification.