Financial distress - The board’s role

Board service entails a personal commitment to support the best interests of the organization – to help it succeed and be a better organization. But not all organizations survive. Even highly successful organizations may decline and fail in time. Financial issues are often symptomatic, if not the direct cause, of organizational failure. And the board has a key role to play in overseeing an organization’s financial well-being. This oversight responsibility becomes ever more complex and time-consuming as an organization becomes financially distressed.