Protecting Yourself

Protecting Yourself and Your Organization

Why is this topic here? Because all too often simple mistakes can lead to disastrous outcomes; you have worked hard to go through the organizing process for your organization, and obtaining that important tax exemption.

Having a nonprofit status brings with it a number of obligations to keep in good standing with the IRS, your state franchise tax board and corporate laws.

However passionate or mission-driven you maybe, you are in business now and have to follow business practices. They may not be terribly fun or sexy, but not addressing these requirements could result in a suspension of your business license or at worst, losing your tax-exempt status.

With a little preparation and attention, protect yourself, your board and your organization.

Topics:

Corporate laws: required officers, annual meetings, minutes

State Nonprofit Filings: state charity office, AG, statements of info, state tax on sales of nonrelated goods

Tax Returns: 990, state return

Insurance: state mandated, D & O

Internal records: donor acknowledgments, financial reports, HR

 

 

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