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For nonprofits, mission over money

nonprofit management

Nonprofits often select local business leaders to serve on their boards, but what makes for good governance in this realm is much different than for-profit businesses.

Making choices based on increasing profitability can be detrimental to a nonprofit, cautions Harvard Business School Professor F. Warren McFarlan, who educates business leaders around the world on nonprofit management.

Financial stability is at the core of a nonprofit, he said, but board members should be most concerned with the organization’s mission and how decisions impact the people it serves. In the end, the quality of a nonprofit’s work largely determines its sustainability.

Wilma Norton, The Community Foundation of Tampa Bay

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