Starting a Nonprofit in a Tough Economy
Now, more than ever, the nation needs nonprofit organizations. The need is great and still growing.
IRS Releases Online, Electronically-Fileable Form 1023
The IRS has released a new online, electronically-fileable Form 1023, application for 501(c)(3) status.
Pros and Cons of Using Form 1023-EZ for Starting a Nonprofit
Nonprofits seeking federal tax-exemption under Section 501(c)(3) of the Internal Revenue Code have for decades applied by filing Form 1023 with the IRS. In 2011, the National Taxpayer Advocate recommended that the IRS develop a simplified method, particularly for small nonprofits. The…
What Is a 509(a)(3) Supporting Organization?
A 509(a)(3) supporting organization is a unique entity in the nonprofit space. It is a sub-category of 501(c)(3), and it is considered a public charity in-and-of itself. What is substantially different about a supporting organization, however, is the fact that it…
Foundation Group Featured on Lifetime’s The Balancing Act
Foundation Group’s CEO, Greg McRay, was interviewed on the New Year’s Day episode of The Balancing Act on Lifetime Television. Co-host Julie Moran talked with Greg about the what’s involved with starting a nonprofit. It was a lot of fun…
Charitable Lead Trust, Charitable Remainder Trust, and Private Foundation Comparison
When it comes to the intersection of estate planning, charity, and philanthropy, there are many things that must be considered. It may be estate tax concerns, leaving an inheritance to your family, or creating a lasting legacy of giving that…
Private Foundation Vs Donor Advised Fund
When it comes to establishing an appropriate philanthropic vehicle, the two most often chosen are Private Foundations (PF) and Donor Advised Funds (DAF). Both have their distinct advantages, as well as some drawbacks. DAFs have become increasingly popular over the…
IRS Lowers Filing Fees for New 501(c)(3) Applicants
Good news from the IRS usually sounds like the beginning of a funny joke…but not this time. In an unexpected move, the IRS announced in late January a revised filing fee schedule for applicants for 501(c) status. Most applicants will…
Importance of Nonprofit Board Meeting Minutes
We get a lot of questions from our clients about their organizations’ meeting minutes. Our exemption specialists often give advice on questions like “When should we record meeting minutes?” and “Why are meeting minutes so important?” There is great importance…
Nonprofit Board Members – Choose Wisely
No decision you make regarding your nonprofit organization carries more importance than who is chosen to lead it. The members of your board of directors make up the governing body of your nonprofit and are legally accountable for its actions. …