Have you ever considered starting your own private family foundation? For those who have causes you are passionate about, creating a […]
The groundbreaking Facebook founder has once again broken with tradition and formed his philanthropy as an LLC. Clients have questioned the benefits of choosing to forgoe the traditional private foundation in favor of an LLC. We are here to break it down.
Nonprofits have a compelling negotiating tool that pairs employee debt relief with long-term employee commitment (at least to the sector) and doesn’t cost the nonprofit anything.
Whenever nonprofit directors, officers or staff members’ personal interests are impacted by their decision-making on behalf of the nonprofit, conflicts of interest can arise. All nonprofits encounter conflicts and all nonprofits need to understand effective conflict management.
We are used to hearing lots of folks – including yours truly – complain about the “nonprofit birth control” problem in this country. While it is true that too many nonprofits are formed for the wrong reasons – there are also many good reasons to form a new nonprofit. The trick is to learn to tell the difference.
The IRS recently issued Rev. Proc. 2013-12 which updates its Employee Plans Compliance Resolution System. As anticipated, the new EPCRS allows plan sponsors to retroactively correct the failure to adopt a written plan document for a 403(b) plan by December 31, 2009.
We applaud the ACC’s sensitivity to nonprofit and tax-exempt issues and we suspect these changes will lead to fewer filings with inappropriate tax provisions. However, the downside is that the free ACC forms are no longer appropriate for nonprofits who wish to qualify for tax-exempt status.
When Board members gather, what are ostensibly shared interests and goals may in fact consist of different or divergent underlying […]
Under this definition of an electronic signature, responding yes or no in response to a question regarding whether a measure is approved suffices as an electronic signature for purposes of a unanimous written consent. This change makes it much easier to obtain approval of resolutions particularly with regard to time sensitive matters.
Nonprofits tend to view MOUs as a kinder gentler way to document their intentions. However, a contract is, at its core, an offer by one party to do something, an acceptance by the other party, and the promise to exchange something of value to seal the deal. Under this definition, the MOUs we see nonprofits create are almost always bare bones legal contracts.
Choosing the right carrier and policy may not be as straightforward as it seems. Unlike general liability insurance where there is standard policy language, each insurance company writes its own specialized D&O Insurance policy.