Nonprofit Q&A: What Does It Mean for a Nonprofit to Lose Tax-Exempt Status? Since 2011, more than 500,000 tax-exempt entities have lost their tax-exempt status automatically. This started in 2011 when the IRS announced that 275,000 nonprofit groups — about 18% of the nation’s tax-exempt organizations — lost their tax-exempt status because they […]
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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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Board meeting minutes are an important but often undervalued form of record keeping for organizations. Minutes provide a memorialized chronology of key information such as board actions, elections of officers or directors, and certain reports from committees and staff. Unfortunately, a variety of mistakes are commonly associated with the taking and keeping of minutes including: Failing