Fiduciary Responsibility
A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.
A fiduciary duty is the highest standard of care at either equity or law.
Directors of not-for-profit organizations are expected to fulfill their fiduciary responsibilities in accordance with 3 important standards:
- Were your actions and decisions all within the responsibility and authority placed in your hands?
- Did you perform all the duties required of you, including maximizing the use of resources to fulfill the organization's mission?
- Did you always put the interests of the organization ahead of your own?
Have your organization's resources been put to their best use in fulfilling the organization's mission?
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