If you own a non-profit organization, or you are involved a non-profit in some way, you need to make sure you fully understand the law as it pertains to non-profits. Many individuals who work with non-profits are volunteers, and are not trained or up-to-speed on the law. Because of this, mistakes are made that can cause harm to the future of the organization. So whether or not your'e just getting on board with the company, or if you want to just make sure you're operating the company as you should be, consult with a business lawyer.
Here is an overview of some important points of running a non-profit you should be concentrating on:
Updates on the Law
Many states, like New York, have recently updated their non-profit law in order to make sure companies are operating in a more efficient manner. For example, all New York non-profits must now comply with changes to the law, include initiating a Conflict of Interest Policy.
If you run a non-profit as a volunteer position, you may not be fully aware of any changes that have been initiated by the governing body of your state. It may be bet to consult with a business lawyer who specializes in non-profits, so they can advise you as to any updates to laws that may pertain to your non-profit.
Financial Documents and Upkeep
Many non-profit organizations are run by people who are there for the betterment of a child's group or organization. And because they are raising funds to help children succeed in the group they are involved in, sometimes mistakes are made. For example, your organization may require children to raise a certain amount of money to be able to continue participation in the activity.
To do this, there are candy sales, walk-a-thons, and the like. If your business is then allotting a certain amount of money to each child based on their participation in the fundraiser, that's illegal by definition of the non-profit law. No one involved in a non-profit organization can benefit from any of the money raised by a non-profit organization. The IRS looks down on this activity and it's highly possible that the non-profit status can be revoked if the IRS discovers the non-profit is allowing members to benefit from the money raised.
Hire a business lawyer and even a financial expert with ample experience in the non-profit law, in order to make certain your business is running legally. To learn more, contact a company such as Caldwell Kennedy & Porter with any questions or concerns you have.
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