General Board Duties

Are the members of your Board of Directors familiar with their fiduciary duties?

All not-for-profit board members have three general fiduciary duties to the corporation: the duty of care, the duty of loyalty, and—unique to nonprofits—the duty of obedience. Board members are required to carry out these duties “in good faith,” meaning honestly, openly, and faithfully in all organizational actions.

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The Community Economic Development Law Project has been helping to build fruitful relationships between Chicago’s volunteer attorneys and community groups for years.  And some of these relationships blossom even when the original project withers. (more…)