Fraternities, Sororities, House Corporations and Foundations are very different companies. But – one thing they all have in common is that they operate by a set of governing principles, policies and procedures – the rules. In an evolving world, it can become complicated to manage and keep up with the ever-changing rules. What worked yesterday may not work tomorrow.

To keep up, leaders should periodically review their day-to-day practices. Do our financial policies make sense in the current market? Is our insurance and risk management approach viable in this risk environment? Are we operating at an optimal level? By designing and following a rule review checklist, your organization creates a working document to guide leadership through these periodic check-ins.

In the final part of our three-part series, Fraternal Law Partners will build on the operational checklist, exploring the following areas from a legal standpoint that benefit with periodic review:

Corporate Governance

• Reviewing governing documents, policies and procedures, IRS and state compliance and corporate records.

Operations

• Reviewing agreements, leases, risk management and disciplinary policies, employee/contractor policies and agreements, staff positions and responsibilities, and the organization’s activities and programming.

Stewardship

• Stewarding charitable assets, structuring set aside funds, and disclosure and transparency protocols.