Nonprofit CEOs & Board Directors: How Expert Is Your CFO?
By: Eugene Fram
When hiring a chief financial officer (CFO), nonprofit organizations often find themselves with a major challenge, since many financial and accounting functions are identical. To compete, the organization may need to offer higher salaries that are somewhat competitive with for-profit organizations. Consequently, some trim the level of expertise required to fill the position. This is a dangerous move, especially if the organization is growing. Also the current CFO, if hired five or ten years ago, may not be up to date and make a major error that will harm the organization’s reputation, leading to a board restructuring and/or firing the CEO. (more…)