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Are nonprofit board members and officers protected from personal liability? What does this mean?

In short, yes. As long as it maintains its status as a corporation, a nonprofit’s board members, officers, and employees are generally not personally liable for the corporation’s debts or other liabilities. This means that contractual obligations, such as loans and property leases, remain in the name of the corporation, and only the corporation will suffer the consequences of any failure to fulfill its promises.