VIDEO Q&A for Subscribers: March 2025
Ben and Mike answer questions from subscribers about record-keeping and document retention practices, using LLCs to limit liability risk in a fiscal sponsorship, disclosure of committee meeting minutes as part of the audit process, whether abstaining Board are counted for purposes of satisfying unanimous written consent procedures, and whether a quarterly Board meeting can be delayed into a subsequent quarter.
PREVIEW SHORTER CLIP:
FULL 30-MINUTE VIDEO:
CHAPTERS:
00:00 - Intro
00:36 - Record-keeping and document retention practices and which documents nonprofits must have and should have
04:42 - Reconstructing certain information that cannot be found
06:04 - Summarizing the most important records to keep, and other places to look for lost documents
07:34 - Reconsidering rigid, fixed periods in document retention policies
09:04 - How LLCs can be useful in Model A or Model B fiscal sponsorships
10:50 - Reputational risk can be as significant as liability risk
13:23 - Disclosure of compensation committee meeting minutes as part of the audit process, and a reminder why less is usually more when it comes to meeting minutes
17:10 - The role of the audit committee or another Board committee as intermediary with the auditor
18:37 - Whether abstaining Board members are counted for purposes of satisfying unanimous written consent procedures
24:16 - Whether a quarterly Board meeting can be delayed into a subsequent quarter
FURTHER READING:
Three Steps to Be Better Prepared for Public Disclosure Requests [SUBSCRIBERS-ONLY]
CHECKLIST: Nonprofit Financial and Legal Compliance Basics
Why and How Nonprofits Use Limited Liability Companies (LLCs)
Q&A #71 – What’s the difference between Model A and Model C fiscal sponsorship?
How to Make Your Nonprofit Audit Committee More Impactful [SUBSCRIBERS-ONLY]
