Board Management
Does our Nonprofit need a President, Treasurer, and Secretary for our 501(C)(3) organization?
This one is tricky because the state and IRS rules often conflict. You will need three unique individuals to fill each role to apply and receive 501(C)(3) tax exemption. That said, some states do not require each position for the nonprofit. ...
Can one individual hold a nonprofit's three company officer positions (President, Treasurer, Secretary)?
The answer largely depends on the state you are operating or domiciled in. Some states will allow this; however, individuals cannot sign documents for two roles. There may also be issues if you plan to open a bank account. Even if a state doesn't ...
Are foreign individuals able to be board members/officers?
Are foreign individuals able to be board members/officers? Currently, there is no law that prevents a foreigner to be an officer. Check your bylaws to ensure there is no internal rules that prevent this. However, if most of your board of directors ...
Understanding Inurement and the impacts on your 501(C)(3)
Understanding Inurement and the impacts on your 501(C)(3) Inurement is one of those terms that many nonprofit board members are unfamiliar with, yet it's something the IRS monitors and, if ignored, can result in the loss of 501(C)(3) status. The IRS ...
Establishing the Nonprofit Board of Directors
Establishing the Nonprofit Board of Directors The Role of the Board of Directors A Board of Directors oversees every nonprofit organization. Board Members are responsible for provide direction, guidance, and governance to the nonprofit, not the ...
Top 4 Requirements of Your 501(c)(3) Board of Directors
Top 4 Requirements of Your 501(c)(3) Board of Directors You’ve drafted those bylaws, and you’re ready to form a Board of Directors. It isn’t just about selecting individuals who believe in your organization’s mission or who can positively influence ...