Mastering Board Meeting Minutes for Nonprofits
The Law Firm for Non-Profits Blog
by Casey Summar
3w ago
Proper documentation is crucial for nonprofit organizations to maintain legal compliance, ensure accountability, and preserve historical records. Meeting minutes for nonprofits play a vital role in this process by creating a formal record of discussions, decisions, and actions taken during meetings of the board of directors and its committees. This blog post explores their purpose, essential elements, and common mistakes to avoid. Purpose of Board Meeting Minutes Meeting minutes serve several critical functions for 501c3 organizations, including: Official Record: They provide an official corpo ..read more
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Filing a Nonprofit Statement of Information: A Comprehensive Guide
The Law Firm for Non-Profits Blog
by Casey Summar
1M ago
In California, every domestic nonprofit corporation must file a Statement of Information (the “Statement”) within 90 days of incorporation and every two years thereafter. Nonprofit corporations formed outside of California but that operate in the state must file a Statement of Information within 90 days of initial registration in California and every year thereafter. If any information on the Statement changes, an updated version may be filed (and must be filed to change the agent for service of process). The form is filed online. Below are detailed instructions for completing the Statement. F ..read more
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Ensuring Effective Governance in Nonprofits: The Importance of Good Bylaws and Written Policies
The Law Firm for Non-Profits Blog
by Casey Summar
2M ago
Effective governance is essential for the sustainability and legal compliance of nonprofit organizations. At the Law Firm for Non-Profits, we believe it is important for a nonprofit board of directors to adopt and follow suitable written policies and procedures. Such documents are vital to steering the nonprofit organization on the correct path and ensuring awareness of and adherence to the laws that regulate them. The Foundation of Good Governance: Clear and Comprehensive Bylaws Good governance ..read more
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Annual Filing Requirements for a Foreign Nonprofit Operating in California
The Law Firm for Non-Profits Blog
by Casey Summar
4M ago
Introduction Nonprofit corporations formed outside of California may be required to file several forms to allow them to legally operate within the state of California. This blog summarizes filing requirements, due dates, and potential ramifications for failure to comply with filing requirements for California “foreign” or “out-of-state” nonprofit corporations. What is a “Foreign Corporation”? “Foreign corporation” is a term that describes a corporation that operates in a state outside of its state of incorporation. More ..read more
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Disclosure Requirements for Nonprofits
The Law Firm for Non-Profits Blog
by Casey Summar
6M ago
The IRS and some states require nonprofits to disclose certain documents to the public upon request. Additionally, the IRS and some states even make these documents available to the public. Donors want to be able to ensure that the nonprofits they donate to are spending their contributions wisely. Maintaining transparency – which nonprofits accomplish in part by required public disclosures – gives the public confidence that a nonprofit’s practices are ethical, efficient, and effective. What Disclosure Laws Apply to Nonprofits? The United States Tax Code requires nonprofits to make the followin ..read more
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How to Handle Conflict of Interest Transactions Within a Nonprofit
The Law Firm for Non-Profits Blog
by Casey Summar
7M ago
It is a best practice for nonprofits to have a conflict of interest policy to guide them on how to approach conflict of interest transactions. Such a policy will help ensure that, when actual or potential conflicts of interest arise in connection with a proposed transaction, the nonprofit has a process in place under which the relevant individual(s) will advise the governing body about all the pertinent facts concerning the situation. This policy usually also covers other types of conflicts of interest aside from transa ..read more
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Charitable Solicitations: What to Know About Fundraising Registrations and Permits as a Nonprofit
The Law Firm for Non-Profits Blog
by Casey Summar
8M ago
Most states and even some localities require nonprofits to register or obtain permits for the privilege of asking their residents for donations. This type of fundraising activity is called “charitable solicitations” and is heavily regulated to prevent fraud and harassment of the public.  While it varies by state, county, and city, any activity that invites someone to make a gift to support a nonprofit, such as a letter, email, or phone call, is considered a charitable solicitation. Fundraising events are always included within the definition of charitable solicita ..read more
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Charitable Donations and Nonprofits
The Law Firm for Non-Profits Blog
by Casey Summar
9M ago
Any organization that has received an IRS determination letter recognizing it as a 501(c)(3) organization may offer donors a tax deduction for their donations. However, for your donors to receive a tax deduction, your nonprofit must properly acknowledge charitable contributions it receives by following the requirements described below. What is a Donation Acknowledgment? As summarized in IRS Publication 1771 on Charitable Contributions – Substantiation and Disclosure Requirements, donors must have a bank record (e.g., a canceled check) or written communication from the chari ..read more
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Annual Filing Requirements for California Nonprofit Public Benefit Corporations
The Law Firm for Non-Profits Blog
by Casey Summar
10M ago
Introduction A California Nonprofit Public Benefit Corporation is required to file several forms each year to remain in good standing as a nonprofit corporation and maintain 501(c)(3) status. This blog summarizes the main annual filing forms, which forms to file, due dates, and potential ramifications for failure to comply. Why These Forms Are Crucial The IRS and the applicable California state agencies require regular reporting to assist in their duties to monitor nonprofits and enforce applicable legal requirements. These annual filing requirements must be met to avoid penalties, suspension ..read more
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Unrelated Business Income- Exclusions and Carve-Outs
The Law Firm for Non-Profits Blog
by socialspicemedia
11M ago
Review of Unrelated Business Taxable Income While 501(c)(3) organizations are generally recognized as tax-exempt, they may have to pay tax on income derived from certain revenue-generating activities (as opposed to income from donations) known as unrelated business taxable income (UBTI). Income may be considered UBTI if it (1) is from a trade or business, (2) that is regularly carried on, and (3) it is not substantially related to the charitable, educational, or other exempt purpose that is the basis of the organization’s tax-exempt status. See our previous blog for more details on these three ..read more
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