Nonprofit organizations play an important role in addressing societal issues and providing services to communities. The board of directors is a critical component of these organizations, as they are responsible for overseeing the organization’s strategy, finances, and operations. In this…
A common mistake made by both businesses and nonprofits alike is the failure to budget income and expenses. Far too often, it’s a see-what-comes-in mentality that rules the day, with no attempt to plan, manage, or adapt to changing financial…
Sometimes, those operating a charitable activity do not wish to fully formalize what they’re doing into an actual 501(c)(3) nonprofit entity. The reasons for this vary, but often the services of a fiscal sponsor is needed. Properly setup, fiscal sponsorships…
Founder’s syndrome. It affects nonprofits and for-profits alike. And it can be crippling to any organization, regardless of the form it takes. Understanding what it is and how to avoid it, or fix it, is crucial to the future of…
Risk is relative. For some people, jumping out of an airplane is a typical weekend adventure. For others, driving 5 miles per hour over the speed limit makes your pulse quicken and beads of sweat break out on your forehead. …
Starting any type of business is a risky endeavor. Whether you’re starting a consulting firm, a food truck, or a nonprofit food pantry, entrepreneurs face unique risks. And given that nonprofits can’t have owners, many social entrepreneurs face an even…
In a few weeks, your nonprofit is having its next board meeting. It just happens to be the annual meeting in which officers and directors are elected. You’re the founder and have been President and a board member since the…
We talk a lot around here about conflict of interest and the negative outcomes associated with insiders having financial entanglements with the organization. It gets a lot more dicey when the nonprofit is a private foundation. So how can a…
The position of Registered Agent is an essential part of the corporate landscape. Both for-profit and nonprofit corporations need one, but their role is often misunderstood. So, what is a Registered Agent, and why do you need one?
Being a member of a nonprofit’s Board of Directors comes with a lot of responsibilities. You are part of the organization’s governing body. You are expected to provide guidance and oversight, as well as strategic planning. You have a monetary…