Nonprofits

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Fulfilling your Fiduciary Duties? 10 Tips for Nonprofit Leaders

By Megan Smyth / September 6, 2017

A nonprofit organization is one that, as a matter of law, does not have shareholders, and the profits of the organization are not distributable to the corporation’s members, directors, or officers. Nonprofit association members often take on great responsibility when they become directors and officers. These people are very passionate individuals who believe in the…

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Nonprofits and Audit Best Practices

By Jamie Lee / April 5, 2016

We are living in a world today where financial information is open to the public. Even small fraudulent transactions could be tweeted or shared in the public space, which can damage the reputation of nonprofit organizations. In order to assure that the financials of nonprofit organizations are reliable and healthy, forming an audit committee is…

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501(c)(3) or 501(c)(6) – What’s the difference?

By Scott Dick / July 15, 2015

Thinking of starting a new, nonprofit, tax-exempt organization? Trying to decide whether to organize as a c3 or c6? Know the difference? Whereas the c3 and c6 are alike in terms of exemption from income taxes, their qualifying characteristics, the application process (IRS Form 1023 vs. 1024), and the various rules governing their ongoing activities…

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Protecting Tax Exempt Status

By Mattie Conkwright / April 14, 2015

In order for nonprofit organizations recognized as tax exempt to maintain tax-exempt status and avoid penalties, there are certain activities that are prohibited, and certain filing and disclosures required: Prohibited Activities Private benefit and inurement – a public charity (organized as 501(c)(3)) and many types of non-501(c)(3) tax-exempt organizations are prohibited from allowing inurement of…

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