This week, you will answer questions about the governance of a nonprofit organization. You have been asked to join the board of directors of the Contemporary Art Museum (CAM), a medium-sized art museum located in Southern California. CAM is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code.

What questions should you ask and what information do you need as you consider whether to accept this invitation to join the CAM board of directors?

Who should you ask and what sources should you investigate as you consider whether to accept this invitation?

Are these different from the questions you would ask and investigation you would conduct if you were asked to join the board of directors of a for-profit company? If so, what are the differences?

How will your fiduciary duties as a member of the CAM board of directors differ from your fiduciary duties as a member of the board of directors of a for-profit company?

How will your responsibilities as a member of the board of directors of a nonprofit organization, such as CAM, differ from your responsibilities as a member of the board of directors of a for-profit company?

Please explain your answers fully, using information supporting your response from the course reading, including the text and relevant statutes and case law. (For statutes, you may use the either the applicable model statutes or the California statutes.)

Answer rating: 100% (QA)

Accepting an invitation to join the board of directors of a nonprofit organization especially one like the Contemporary Art Museum CAM requires careful consideration and due diligence Here are some ke... View the full answer