The Board of Directors of a nonprofit organization has legal responsibilities for the organization's work. The Board is responsible for short and long term planning, and they must ensure that systems are in place for administering effectively using resources, and guarding against misuse. In order to fulfill their responsibilities, board members must be able to rely on financial information that is accurate, timely, in context, and appropriate. This resource outlines the types of financial reports that are needed as well as how to present the information to the Board.