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5. The full membership of the governing body is responsible for the organization, and each member acts at all times in an ethical manner and in the best interest of the organization and the public.
6. The governing body and staff are aware of and comply with all federal, state, and local laws, regulations and fiduciary responsibilities applicable to the nonprofit.
The Community Law Project is a great resource for those interested in starting a nonprofit or for those with legal questions. Visit their website or call their Employer Hotline for aid.
7. The governing body exercises active oversight of the financial affairs of the organization and sets policies to ensure that the organization's resources are used appropriately in furtherance of the organization's mission.
Converge Consulting is a social enterprise owned and managed by Forefront that delivers financial, accounting, and administrative solutions to nonprofits and foundations so that they can focus on their mission.
Principle 21: Fun Times and Financial Oversight
The Keeping it Ethical blog has a set of 33 principles for nonprofits. This article speaks to financial responsibilities.
Role of the Board in Financial Oversight
The DC Bar Pro Bono Program provides a publication about nonprofit boards and financial oversight.