Websters defines fiduciary as a trustee (noun), and as follows: involving trust, especially with regard to the relationship between a trustee and a beneficiary (adjective). In other words, it is a relationship where one party is legally accountable to the other to serve its interests before their own.
BoardSource says it this way:
Fiduciary duty requires board members to stay objective, unselfish, responsible, honest, trustworthy, and efficient. Board members, as stewards of public trust, must always act for the good of the organization, rather than for the benefit of themselves. They need to exercise reasonable care in all decision making, without placing the organization under unnecessary risk.
Being a fiduciary obviously includes the financial aspects of a nonprofit. Each board member has a responsibility to ensure, to the best of their ability, that all funds are handled and accounted for in a transparent and compliant manner.
Ask yourself if not allowing home owners to see financial reports, while being presented during the monthly meetings, that deal with the handling of our money is complying with the legal requirement described above. What are they hiding ?
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