What is the Difference Between a Public Charity and a Private Foundation?
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
In the nonprofit sector, the words “charity” and “foundation” often are used interchangeably. However, underlying these terms is a legal concept critical to most 501(c)(3) tax-exempt organizations. Each 501(c)(3) is classified by the IRS as either a “public charity” or a “private foundation.” This classification has significant implications for the organization as it impacts the degree of tax-deductibility of contributions it receives as well as determines which rules will regulate its operations. So, what is really in a name, and why is it important? What is a Private Foundation? All 501(c)(3 ..read more
Visit website
What Are Non-Profit Bylaws?
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
The creation of a non-profit organization requires completing several important steps. Once your non-profit has been incorporated, often the next step is to draft the organization’s bylaws. The bylaws are one of the most important documents for your organization. They are the rules that will govern the conduct and duties of the non-profit’s governing body, typically known as its board of directors (“BOD”) (although some states use alternate terms, such as Washington which refers to a “board of governors”).   What Should Bylaws Include? Well-drafted bylaws serve as a roadmap for how direct ..read more
Visit website
Year-End Charitable Contribution Tax Deduction Options
The Law Firm for Non-Profits Blog
by Kristen Anderson
1y ago
Year-end Charitable Contributions It’s time to think about year-end charitable contributions. For 2021, there are a plethora of enticing incentives for donors looking for a tax deduction for their donations. 100% Deductibility 2021 is the last year that cash donations to public charities (other than donor advised funds) will be deductible in amounts up to 100% of the donor’s adjusted gross income (the normal rate is 60%). This is the most meaningful and substantial tax deduction available to donors to charities. Donors who ordinarily make equal donations year-after-year may want to increase th ..read more
Visit website
Nonprofit Mergers
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
Nonprofit organizations may find themselves engaging in mergers or other business combinations in the same way as for-profit businesses. The reasons vary, including advancing strategic alliances, efficiency of operations, expanding services, and protecting assets. Whereas a merger traditionally is thought of a marriage of two or more entities, the merger may take many forms including statutory (i.e., “true”) mergers, asset transfers, a parent-subsidiary relationship, and the dissolution of one entity that distributes its assets to the other, among others. This post will focus on statutory ..read more
Visit website
How to Dissolve a Nonprofit Organization
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
Mission accomplished. Our needs have changed. We are not sustainable. Our efforts are better served elsewhere. There can be many reasons behind the dissolution of a nonprofit organization, but one thing is a given: from logistics to community impact, closing operations takes time and care. While there are variances from state to state, we have outlined the basic steps to help you understand the process and be ready if the time comes. Step 1: It Starts at the Top Long before filing any paperwork, if winding down the nonprofit is on the table, the board of directors must carefully examine the or ..read more
Visit website
Nonprofit Board Operations: Agendas
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
Meetings, meetings, meetings. A necessary part of any nonprofit organization, they are where ideas and issues are discussed, new initiatives are introduced, and action items are assigned. While they may seem cumbersome at times, a good meeting keeps your organization focused and goal-oriented. But how do you maintain the productivity of meetings – especially recurring ones like board and committee – and keep members engaged and motivated? As a board or committee chair, you need to consider what you hope to achieve in the meeting, and then utilize the magic of a well-planned agenda. An agenda c ..read more
Visit website
Nonprofit Board Operations: Minutes
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
It’s the room where it happens. Where the decisions are made, goals are discussed, and milestones are celebrated. When your board of directors formally gathers, it is a meeting of the minds that keeps your nonprofit organization’s operations moving forward and reaching toward new heights. And with such important items being discussed and decided upon in these assemblies, it is imperative to take prepare appropriate minutes, both for future reference and for official documentation. Why the need for all the formalities? A nonprofit’s board meeting minutes are legal documents offering evidence of ..read more
Visit website
Best Practices for Acknowledging Charitable Contributions
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
Charitable contributions are a main source of funding for most non-profits. In order for your donors to receive a tax deduction for making charitable contributions, they must be properly and appropriately acknowledged by the nonprofit. You may be surprised to learn that there are several important things your organization must do to ensure that donors make take a tax deduction. IRS Requirements As summarized in IRS Publication 1771 on Charitable Contributions – Substantiation and Disclosure Requirements, donors must have a bank record (i.e., a canceled check) or written communication from the ..read more
Visit website
Nonprofits Not Exempt from Annual Filing Requirements: Here’s What You Need to Know
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
As a nonprofit dedicated to effecting positive change, the majority of your efforts are focused on making a difference. Whether that’s inspiring volunteers, raising capital, sharing information, or boots-on-the-ground action, we understand that spending time on administrative activities is not why you joined the nonprofit world. However, to remain in good standing as a nonprofit corporation with 501(c)(3) status, there are important federal and state filing requirements that must be met to avoid penalties, suspension of the nonprofit’s right to conduct business including raising and spending f ..read more
Visit website
The Law Firm for Non-Profits Celebrates 25th Anniversary
The Law Firm for Non-Profits Blog
by Casey Summar
1y ago
FOR IMMEDIATE RELEASE STUDIO CITY, Calif., July 16, 2021 – It started as a one-person operation intent on “helping good people do good things.” Today, a seven-person team helps guide the increasingly important work of The Law Firm for Non-Profits (LFNP), which this year proudly celebrates its 25th year anniversary. This year’s celebration is enhanced by the announcement that Casey Summar has been named a partner in the firm. Established as a solo practice by Arthur Rieman in Los Angeles in August 1996, LFNP opened a Santa Barbara office in 2019 and has plans to keep expanding. The firm came to ..read more
Visit website

Follow The Law Firm for Non-Profits Blog on Feedspot

Continue with Google
OR