Who owns a nonprofit? No one. A major misconception about nonprofit organizations concerns ownership of a nonprofit. No one person or group of people own a nonprofit organization. Ownership is ...
Nonprofit Law Basics: Do Nonprofits File Tax Returns? What is a 990?
Do nonprofits file tax returns? Most tax-exempt organizations are required to file annual tax returns with the IRS. Even though most tax-exempt nonprofit organizations do not pay federal taxes on ...
What is the difference between nonprofit and tax-exempt?
What is the difference between nonprofit and tax-exempt? I hear a lot of people (even in the nonprofit sector) mixing up the terms "nonprofit" and "tax-exempt." Just because your organization is a ...
5 Items to Include in Donor Acknowledgment Letters – What to include for tax purposes?
What are donor acknowledgment letters? Donor acknowledgment letters are more than just a "thank you" letter. Most tax-exempt organizations have certain requirements to follow -- including providing ...
Nonprofit Law Basics: Can the Executive Director Serve on the Board of Directors?
The law requires that the best interest of the nonprofit prevail over the director’s personal or business interests; if the executive director is a paid staff person who sits on the voting board of ...
Nonprofit Law Basics: What is the Difference Between a Public Charity & a Private Foundation?
The terms of nonprofit entities can be confusing ... public charity ... private foundation ... corporate foundations … private operating foundations … public charities that act as ...
Nonprofit Checkup for Nonprofit Professionals
Welcome, October! In the last quarter of the year, we remind our clients about some of their year-end obligations, or help them get ahead on issues they may have been putting off. Or maybe both! Today ...
You’ve Automatically Lost 501(c)(3) Tax-Exempt Status – Now What?
Since 2011, the IRS has automatically revoked the tax exempt status of hundreds of thousands of nonprofit nonprofit organizations because they failed to file IRS Form 990s for three consecutive years. ...
What are the benefits of having 501(c)(3) tax-exempt status?
Benefits of Tax-Exempt Status under IRC Section 501(c)(3) There are numerous benefits of having 501c3 tax-exempt status: Exemption from federal income tax; Tax-deductible ...
Social Enterprise Q&A: What is a social enterprise?
Social entrepreneurship is a rapidly emerging field in which nonprofit and business leaders develop mission-driven enterprises. Social enterprise deals with creating and leading organizations that ...
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