|
I just left a board a few months ago, very stressful. They are government funded (it acts in a charitable fashion), but the funding has been cut by 1/3 and government has stated categorically that no more was forthcoming. They have an accumulated cash surplus that will fill the gap for about 18 months, but then they are bankrupt.
After about 12 months of arguing that they needed a plausible plan to deal with lower revenue, either cost reduction or seeking other sources of revenue, I finally voted with my feet. Being a director you are financially accountable to meet payroll if the organization cannot, no way I was going to do that.
Painful....
D.
|