As a board member, they have a fundamental role is to oversee the implementation of the not-for-profit organization's mission. This includes exercisingthe fiduciary duty to ensure that the organization's financial resources are effectively managed and sufficient to assure the organization's long-term financial viability. However, in addition to addressing funding challenges, as a board member they havehave a legal responsibility to protect the organization's assets by overseeing its financial activities and implementing "best practices" to protect the organization.

1.Explain howfinancial statements used to accomplish their fiduciary responsibility, describe those statements in detail?

2.Within the Non-For-Profit organization who would be the other common users that would utilize financial statements in making decisions? Explain in detail their positions and financial statements they would need to be examining