Non-Profit Board and Regulations

1023-EZ

User fee decreased for Form 1023-EZ

Yea, Great News for those who want to start a Non-Profit Organization! Would you believe the IRS actually drastically reduced the processing fee? User fee decreased for Form 1023-EZ On July 1 the user fee to process the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was […]

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NET ASSETS

Accounting Standards Updates Issued 2016

This post would be of interest to in-house and/or contractual accountants and CPA’s concerning changes reported by FASB (Financial Accounting Standards Board) for the year 2016. It is important to keep abreast of the changes being implemented, especially since in 2014, where the new standards resulted from a convergence effort between the Financial Accounting Standards

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SAMPLE ORG CHART

Non-Profit Structure, Jobs and Responsibilities

The Traditional Structure of a Non-Profit agency is shown in the image. Your organizational chart may look different depending on the age of the agency, the purpose the agency serves and of course, the agency’s budget. The budget comes into consideration because you will need the necessary funding to support the paid positions in the

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TAX TIPS HELP

Questions and Answers on 501(c) Organizations

May 15, 2013; The IRS has received a variety of questions related to the exempt organization issues recently raised. Here are some basics on the issue. 1. What are the issues raised in the recent Treasury Inspector General for Tax Administration (“TIGTA”) report? The issues relate to the application process for organizations seeking tax-exempt status.

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FINANCIAL POSITION

Budgeting Tasks for Your Nonprofit

As a director or manager of a nonprofit, monthly budget assessments will allow you to track and manage your nonprofit’s finances. Monthly meetings, which should happen after a *cost-benefit analysis, should involve your Finance Committee, Budget staff, and/or Project Manager(s). These meetings should review program deliverables and program budget/actual efficiency and include the following items:

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Non-Profit Boards

What are Bylaws and why do we need them?

How can they protect the board? Bylaws are the written rules by which an organization is governed. They set forth the structure of the board and the organization. They determine the rights of participants and they determine the procedures by which rights can be exercised. In other words, bylaws guide the board in conducting business.

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Lost Tax Exempt Status

Revocation of Federal Tax Exemption

Revocation of Federal Tax Exemption at Historic African-American Theater Holds Warning for Others Source Non Profit Quarterly May 12, 2016; Plain Dealer (Cleveland, OH) In April, leadership of Karamu House, a settlement house that includes the oldest African-American theater in the United States, suddenly became aware that the IRS had revoked its tax-exempt status after

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Board Of Directors

Basic Responsibilities of Nonprofit Boards

As noted in our post “Board of Directors Responsibilities” being a Board Member is a very integral component of the executive order in the non-profit and should not be taken lightly. The full participation of an active and qualified board will help to ensure the organization is in compliance and that the organization is prepared

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Board of Directors Responsibilities

Nonprofit boards have a very important role as the governing body of the Non-Profit. Their ultimate responsibility is to ensure the nonprofit is run ethically and legally according to the standard defined by the Federal, State and Local ruling bodies. Being a board member requires you to help define the nonprofit’s mission, govern and set

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