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Video Q&A for Subscribers: May 2024
Ben and Mike answer questions from subscribers about Board liability exposure, deciding whether a new organization should have a broad or narrow focus, how receiving more than $50,000 in revenue impacts an organization’s Form 1023-EZ, and when nonprofits should think about changing audit firms.
Five Nonprofit Bylaws Issues That Are Often Overlooked
All nonprofit organizations should regularly review and assess their Bylaws to ensure this key governing document complies with the law and is optimally aligned with the organization’s governance needs and operational practices. The following are five common Bylaws oversights to look for when doing your organization’s next Bylaws review.
The Importance of Budgets to Nonprofit Organizations
The word “budget” has almost universal recognition. Budgets have a very broad spectrum of usage and applicability beyond just nonprofit organizations, ranging from large entities (governments, Fortune 500 companies, professional sport teams) to small businesses, individual entrepreneurs, and even smaller applications such as families juggling home budgets and providing their children with early exposure to budgets through managing allowances.
CHECKLIST: Steps to Forming a 501(c)(3) Nonprofit Organization
This checklist outlines 19 key steps that apply to most new organizations to form a nonprofit corporation, apply for 501(c)(3) status, and stay in compliance with the rules governing tax-exempt organizations. The steps covered include drafting governing Articles of Incorporation, Bylaws, and basic corporate policies; obtaining a tax ID number, submitting the Form 1023 or Form 1023-EZ; and more.