Future proofing your Not for Profit

Governance Institute of Australia hosts an quarterly Not for Profit discussion group. I attended on the 23rd May and thoroughly enjoyed this excellent and robust discussion.

Nicole Rasmussen and Geoff Walshaw expertly facilitated the discussion where we looked at 3 topics, below are the key takeaways and strategies from each:

Human capital Strategy

Get all team members to document what they do and why?
If you were to win the lotto and leave, how do we very simply let people see where all ”the stuff” is and how the next person needs to do your job
We must give people time to stop and document stuff

Succession planning

We should avoid bringing people (your assets) in, sweating the assets and then replacing them once they are fully used.
People who are ‘in love’ with the role that they do isn’t always the role people need them to do.
Great way to get your team to open up and communicate with each other - ask them all
“what is your role?” and then find out what else they can do by asking
“What are you known for?” (what is your superpower?), you may be amazing with the wealth of talent you have in front of you already – much different from the official HR list.

Director remuneration – should you pay?

Public perception for directors for NFP is that you shouldn’t.
NfP Boards often attract well-meaning people but with no formal skills, it becomes exacerbated if there is no formally qualified Company Secretary which results in no support and no guidance… there is no one there to ‘keep them out of jail’
You need to attract the best and the brightest on to these boards but we expect them to do it out of love.
NfPs and ASXs have the same legal responsibilities and liabilities, it would be encouraging for ACNC to provide audit and assurance services to the NfP sector Boards particularly where there is an unpaid and unprofessional board, in order to provide maturity uplift.

Next discussion group is on the 9th August 12:30-14:00 https://www.governanceinstitute.com.au/