An endowment refers to a fund or funds that are generally kept permanently. Their interest income provides for the overall operations of the organization.
If your organization does not rely fully on earned income or government grants or contracts, it most likely is involved in raising funds from individuals, foundations, and/or for-profit corporation
One of the legal obligations for board members is a duty of loyalty. One aspect of this duty expects board members to keep confidential issues confidential.
Every nonprofit needs operational guidelines for staff and the board. The purpose of the policies is to serve as a guide for actions and behavior and as a reference for ethical decision making.
To protect the organization, itself, and its members, the board must start by following the legal obligations common to all boards: duty of care, duty of loyalty, and duty of obedience.
Not every board needs an investment committee. If the organization has sizable assets, an endowment, and/or a planned giving program, it probably should form an investment committee.