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Governance Bites #42: financial stability for not-for-profits, featuring Jim McElwain
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Jim McElwain is Executive Director of the Institute of Financial Professionals New Zealand (INFINZ). He has a background in corporate finance, having worked at Treasury, Lloyds Merchant Bank, PricewaterhouseCoopers and Ernst & Young. Jim's governance experience includes the Advisory Board of the School of Accounting and Commercial Law at Victoria University of Wellington, and past roles on the boards of the CFA Society of New Zealand and INFINZ (prior to his current role).
In this video, Mark Banicevich talks to Jim about financial sustainability in not-for-profit entities (such as professional bodies). INFINZ is an optional membership body, so Mark asks Jim about what he does to provide services to make membership attractive. He asks about the tension between providing services to members and financial stability, and how to ensure that a non-for-profit entity remains sustainable. They discuss the risks that could challenge financial stability, and how much money to hold in reserves in case of these eventualities. Mark also asks what advice Jim would give to a new director.
#governance #governancebites, #director, #boardroom, #boardcraft
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