How do charitable donations affect my taxes? After researching a charitable organization and deciding where to give your money, you should also consider how the charitable donation will affect your ...
Year-End Giving – Can I Deduct the Value of My Volunteer Service?
Can I deduct the value of my volunteer service to a nonprofit? The IRS will not allow individuals to deduct the monetary value of their volunteer service to a nonprofit on their individual income tax ...
Rules of the Game: Professional Athlete’s Foundations
With high levels of scrutiny in top athlete's foundations, charities must be structured and managed correctly. "I am a huge believer in giving back and helping out in the community and the world...I ...
Nonprofit Law Basics: Help with IRS Form 990
While tax-exempt nonprofit organizations do not pay federal taxes (that is what “tax-exempt” means), most do have to file an annual informational return with the IRS called the Form 990. The IRS ...
Who’s in Charge Here? Role of the Board of Directors vs. Role of the Executive Director
The nonprofit board vs. executive director balance can sometimes become a tug of war! Running a successful nonprofit takes an active board of directors and a dedicated staff led by a capable ...
Nonprofit Q&A: What is a Fiscal Sponsorship?
What is a fiscal sponsorship? A fiscal sponsorship is an arrangement in which a 501(c)(3) nonprofit organization (the "fiscal sponsor") offers its legal and tax-exempt status to another group for a ...
Nonprofit Q & A: How much does the IRS filing fee cost for 501(c) status?
To become a public charity that has tax-exempt status [often called a 501(c)(3) charitable organization], an organization needs to file IRS Form 1023 with the IRS. How much will it cost? There is a ...
Help! The IRS has more questions on my 1023 application!
To become a public charity that has tax-exempt status from the IRS, an organization files IRS Form 1023 with the IRS. The IRS lists a series of questions to help you determine whether your ...
Nonprofit Insurance Coverage
Nonprofit Insurance Coverage. Maintaining and Updating Your Nonprofit's Insurance Policies Insurance is essential to protecting your nonprofit from certain liabilities that may occur as a result of ...
Nonprofit Q&A: What is Group Exemption?
What is Group Exemption? Group exemptions are a way that similar organizations can share the same tax-exempt status. These organizations are sometimes called "umbrella organizations" because the ...