The concept of who owns a nonprofit organization can be hard for some to grasp, especially given that the answer is, "No one!" We encounter this confusion with new clients on a fairly regular basis. And, given people's understanding of how…
When you hear the term nonprofit, the first thing that typically comes to mind is a charity, or 501(c)(3) organization. That's for good reason, since roughly 78% of all tax-exempt organizations are exempt under IRC Section 501(c)(3). The remaining 22%…
If you have experience in the for-profit world, you have likely heard the common advice that you should incorporate a new business in the state of Delaware. As of 2016, roughly 44% of Fortune 500 companies are incorporated in Delaware.…
Maintaining timely and accurate financial records is one of the most important responsibilities facing every nonprofit organization. But, doing it right is time-consuming, and the rules are complicated. In fact, bookkeeping can be so complicated that 40% of small business…
Your board of directors is one of the most important assets your nonprofit has. Assuming they understand their role and are there for the right reasons, your board members provide invaluable insight, direction and oversight. They volunteer their time and…
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. …
One of the things that you learn quickly when starting and operating a 501(c)(3) organization is that you have to handle money wisely. A nonprofit is no different than any other business in that you must make ends meet. Otherwise,…
As we established in our Form 990 overview post, there are 5 versions of IRS Form 990, one or more of which is required to be filed annually by every 501(c) organization. Form 990-N, the shortest version and the one…
Once you’ve decided your mission, developed an operations strategy and started building a team, it’s time to prepare and file your incorporation documents and 501(c)(3) status applications. If you’ve done your homework properly in documenting your mission, strategy and plans,…
Perfecting the habit of properly documenting the activities of your nonprofit is one of the most important disciplines any new social entrepreneur can master. There's a well-worn cliché that says, "If it's not in writing, it didn't happen". When it…
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