Video Q&A for Subscribers: May 2024 [SUBSCRIBERS-ONLY]

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.

CHAPTERS:

00:00 - Intro

02:10 - Liability exposure for actions of past leadership

06:44 - Deciding whether an organization can be saved

09:04 - Deciding whether a new foundation’s mission and programs should have a broad or narrow focus, and the benefits of adding a 501(c)(3) organization under a 501(c)(6) chamber of commerce

14:10 - Leaving flexibility in the organization’s governing documents and Form 1023 application to evolve the organization’s mission and programs

17:58 - Exceeding $50,000 in revenue after filing Form 1023-EZ

22:29 - Form 1023 and Form 1023-EZ public disclosure requirements.

23:15 - Deciding when to change audit firms