I assume that you do not have an employee who functions as CEO.  If you do have a Business Manager or Executive Director Then the role of President becomes one of chairing the Board meetings and acting from time to time as a resource to the CEO.

If, as I suspect, you do not have an employee who functions as CEO, then the President serves in this role.  I am currently President of two non profit organizations in our community.  Neither has any employees so I fill the role of CEO.  This involves approving expenses, meeting with individuals and groups representing the organizations, writing letters and filling our all the business forms it takes to run a business - applying for rights to plays, buying scripts, arranging for rehearsal and performance space, dealing with others involved with our productions and so on.

In the theater case, I am given a lot of leeway to do whatever I want - I usually pick the plays we do (after discussion with the other trustees),  set dates for productions, and spend money as I see fit - within the limits of our annual budget.  If we want to buy something expensive or is not in the budget, I raise the money and so on.

Wearing my other hat (as President of our Community Foundation), I have a fairly detailed set of operational policies and a detailed budget that I am expected to live within.  I have specific products that we offer to donors and grantees.  If I need to do something that is not described in our policies - a special program for a specific donor, for example,  I have to get the approval from the standing committee having oversight.  I have an Executive Committee which meets between Board Meetings to approve and give advice on other things that are ongoing.

In both cases I write letters and send e-mails and meet with donors and grantees and all the many things that running an organization requires.  At each Board meeting there is an area in the agenda called Presidents Report where I summarize what I have done since the last board meeting that the Board is/may not be aware of.  I also use e-mail to all board members if something happens between Board meetings that I think they should be aware of.   No one likes surprises and that goes double for Board members. 

I know that I have to walk a narrow line with both organizations between keeping the Board informed (and feeling part of the organization) and involving the board to the point where I can't get anything done.

Remember that the role of any board is to set policy then insure that the policies are being followed.  There is a big difference between setting policy and being involved in the day to day operations of the organization.  The single most important Board approved policy is the annual budget.  That is where the board sets the direction of the organization for the year.  How many productions will you do during the year?  How many are in the budget.  How many employees and how much do directors get paid?  It is in the budget.

A good budget will spell out all the specifics for a production:  How much are the royalties?  How much will the Director be paid?  How much is allowed for the set?  For promotion?  These form the instructions the CEO follows.  They also provide a good means to check how well the CEO is following the budget.  It might not be possible to budget the exact amount for royalties, for example, if the play is not known but if the board budgets $60 per performance that is close enough - it tells the CEO not to do a musical with royalties of $1,200 per performance

I have spent the last 35 years of my life involved with non profit organizations of all sizes.  The successful ones have good leadership - whether is is a paid CEO or a volunteer Board President.  Behind the successful leader is a Board with a common vision and a clear understanding of the role and mission of the organization and the different roles of the CEO and the Board.

The most successful Boards I have worked for (as a paid employee) always had an open dialog and idea exchange and were not afraid to take me out behind the woodshed if they felt I screwed up or if they were unhappy with something I had done (or not done).  If you have a problem with what the President is doing, it needs to be worked out in a positive manner - if you are uncomfortable the chances are that others are too.  Just remember that it will not be possible for the CEO to get approval of everything he/she does from the entire board.  Make sure that you have policies in place (and followed) that specify what the CEO can do on their own and what they need board approval to do.

In deciding whether an issue is a Board issue or something for the CEO to do without board approval, look at the ultimate impact on the organization.  Does it change the the mission or direction of the organization?  Probably a Board matter.  Is it something that needs to be done to keep the organization moving forward along the mutually agreed path?  Probably a CEO matter.

Hope this long answer helps.

Doug