As part of their regular policies, non-profit organizations may want to consider following these board governance best practices. Whistleblower policy – The benefit of having a whistleblower policy in place is that it encourages staff and others to come forward with any information they have related to fraud or illegal activity. These policies allow those …
Being a not-for-profit board member is a great way to get involved in causes that are important to you, but before diving in and offering your services, keep in mind there are responsibilities to being a board member. Don’t miss: CARES Act – Forgivable government loans for non-profits Board member responsibilities can be broken down …
The Young Nonprofit Professionals Network (YNPN) is a group solely devoted to helping and training young professionals who want to devote their energy and commitment to the social sector. YNPN looks for those who are purpose-loving changers, mission-driving professionals, big idea pushers and cause crusaders who make nonprofits happen. The network connects nonprofits with young/passionate …
Recently I came across an article by Accounting Today that discussed a survey of over 100 not-for-profit leaders who were asked to gauge what they felt about their board members and those members’ involvement. Most spoke positively of their board but reported some challenges broken down below: 15% of the leaders felt the board carefully …
Lately I’ve received several questions about the policies and procedures listed on page 6 Part VI Section B, three of which are a written conflict of interest policy, whistle blower policy, and a document and retention policy. The concern always seems to be, what if the organization doesn’t have these policies in place? The IRS …
Social media has become the top marketing tool in businesses today, which of course includes the not-for-profit community. By now, you probably have a team member that is responsible for the organization’s Facebook, Twitter and LinkedIn accounts. However, there are more ways that social media can affect your organization than its own pages. Employees, volunteers …
On page 6 of the Form 990, the IRS asks the nonprofit organization if they have a written conflict of interest policy, if annual disclosure is required, and if the organization regularly monitors and enforces compliance with the policy. Often times when I ask the above question of my 990 clients, I get a response …
Those involved in governance of private foundations need to be careful about certain types of transactions, or they can find themselves facing substantial excise taxes that are required to be paid directly by the individuals involved. The IRS defines certain types of transactions as “self-dealing” when they are carried out between the foundation and “disqualified …
I was recently reading an article in the September issue of the Journal of Accountancy that highlighted tips for good not-for-profit governance that were presented at this year’s AICPA Not-for-profit Industry Conference. It was such a concise, solid list that I thought I’d share it with our blog readers: 1. State the organization’s values in a …
Conflict of Interest policies for board members are a much needed piece for any not-for-profit organization. A conflict of interest policy will help board members recognize when their activities are related party transactions and should have different treatment. These treatments include processes for decision making and disclosures to the financial statements. When a board member …