Not-for-Profit Audit Committee Structure

The audit committee reports directly to the board of directors. As an industry best practice, the committee would consist of no fewer than five independent members, as defined later in this section. At least one member would be designated as a financial expert, also subsequently defined. The board appoints members of the audit committee, designates the chairperson annually, and may replace members at any time. The audit committee may form and delegate authority to subcommittees consisting of one or more