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Q&A #158 – What happens if a fraudulent Form 1023-EZ is filed for my organization?
Despite what some unscrupulous service providers may tell you, there are potentially serious penalties for submitting a Form 1023-EZ application for an organization that is clearly ineligible to do so. In addition to revocation of 501(c)(3) status, this can include criminal fines and even prison pursuant to the Internal Revenue Code’s fraud and false statements provisions (26 U.S.C. § 7206). However, if a Form 1023-EZ was fraudulently filed without your knowledge, approval, or participation then these criminal sanctions very likely will not apply.
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In the Search for Professional Services, Caring is as Important as Knowledge [SUBSCRIBERS-ONLY]
In the search to find the best professional service providers such as attorneys, accountants, consultants, investment advisors, and real estate brokers, nonprofits often overemphasize subject matter expertise and knowledge. However, if the service provider does not display a caring attitude and willingness to understand the organization’s unique needs, mission, and culture, the results will not be what the organization expected.
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Using Insurance Brokers as Trusted Business Advisors [SUBSCRIBERS-ONLY]
Insurance brokers have unique perspectives to share and should be included on your nonprofit organization’s team of trusted business advisors (“TBAs”). Insurance brokers are an organization’s first point of contact in the selection and purchase of insurance policies, and serve as an intermediary to the insurance carriers when questions, claims, and other risk management considerations arise. This experience makes your insurance broker an important resource in many aspects of risk management.
When Designing an RFP for Audit Services, Think Good First Impressions and Efficiency
Think of your request for proposal (RFP) for audit services as your initial introduction and handshake. Your goal is to make a good first impression to the prospective audit firm. You want to convey a message that is positive, thoughtful, and efficient. If you can demonstrate that your organization will be the smoothest audit on the planet, the organization will be more likely to attract high quality audit firms to submit a proposal and obtain lower fee estimates.
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How to Get the Most Out of Audit Firm Interviews [SUBSCRIBERS-ONLY]
You have done everything right, prepared a request for proposal (RFP), obtained a list of prospective audit firms, received proposals from the audit firms, and narrowed your choice down to the top three to conduct live interviews. Now the most important step: how to conduct successful interviews to help ensure the “best” selection is made.
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Using Banking Professionals as Trusted Business Advisors [SUBSCRIBERS-ONLY]
When assembling a team of trusted business advisors (“TBAs”), banking professionals should be at the top of your list. By the nature of their work, banking professionals interact with many different types of clients that are experiencing an ever-changing variety of different challenges. Thus, banking professionals generally bring value-added perspectives, opinions, and experiences that make them an important part of any team of TBAs.
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Assembling a Team of Trusted Business Advisors [SUBSCRIBERS-ONLY]
In the search for different types of information, tactics, and strategies, it is important to draw on traditional internal sources (senior management, staff, and volunteer leadership) as well as external professional business sources. Assembling an experienced team of trusted business advisors (“TBAs”) from nontraditional sources will pay many dividends.