In the course of our interviews, we identified a number of important risks that nonprofits are facing right now, and our subject matter experts talked candidly about how they approach those risks in their own organizations.

Board membership has a different meaning at various stages in nonprofit's development. Early-stage non-profits often have boards made up of friends, family and believers in the mission. As the organization matures, there comes a point where the board evolves and members take o more defined roles.

Nonprofits and their board members have real legal responsibilities. Broadly, they must follow the principles of corporation law.

Reputation gives a nonprofit credibility and inspires confidence in their work. Reputations are an asset. For nonprofits, reputational risk really means the potential loss of confidence in the organization.

Creating a "best places to work" and a culture of engaged and motivated trained staff and volunteers is imperative for nonprofits. With limited time and resources to recruit, it takes a real commitment to talent for a nonprofit to thrive.

Any nonprofit organization needs a vision and a strategy for getting there. Usually this starts with a founders passion or an important issue - or both. As organizations grow, however, they need to take a more formal approach. A strategic planning process defines strategies that will help a nonprofit achieve its mission.The organizations leadership, staff, and board must engage in the process. The desired outcome is measurable goals, approved priorities for implementation, and a commitment to reviewing and updating strategies on an ongoing basis.