When setting up your nonprofit organization, the two key steps you want to accomplish: select the best legal structure for the organization (a nonprofit corporation is the most commonly used) in your state of main activity and apply for its tax-exempt status with the IRS. In addition, you should investigate what other registration and licensing requirements apply to your organization in order to be compliant with federal, state, and local laws and to be able to reap the additional benefits your tax-exempt status provides.
Indemnification is the organization’s direct expression of willingness to protect its board members (and its senior staff) from the financial burdens of liability.
Most nonprofits start as all-volunteer organizations (AVO), without a paid staff. The organization operates with the support of its board and maybe additional volunteers.
Join the Greater Washington Society of CPAs for our Nonprofit Finance & Accounting Academy. This comprehensive one-day conference is tailored for individuals relatively new to the nonprofit industry or those seeking to enhance their understanding of the distinctive accounting, reporting, and compliance requirements that define the nonprofit sector.
Whether or not this is the first time you are doing an auction or the auction is a regular event for your 501(c)(3) organization, this article will provide a variety of pointers which apply to live
