Formerly known as Nonprofit ”U”, the Nonprofit Utopia podcast is an extension of the ideal community for emerging nonprofit leaders. We use our podcast as an online forum where nonprofit stakeholders can discuss the latest developments in the sector and increase their capacity to serve their clients and build sustainable communities. Valerie F. Leonard, an expert in community and organizational development is the host. Topics include nonprofit management, community development, capacity building and organizational development.
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Formerly known as Nonprofit ”U”, the Nonprofit Utopia podcast is an extension of the ideal community for emerging nonprofit leaders. We use our podcast as an online forum where nonprofit stakeholders can discuss the latest developments in the sector and increase their capacity to serve their clients and build sustainable communities. Valerie F. Leonard, an expert in community and organizational development is the host. Topics include nonprofit management, community development, capacity building and organizational development.
Just Checking: What You Need to Do Right Now to Keep Your Nonprofit In Compliance
Nonprofit Utopia Podcast
36 minutes 36 seconds
1 year ago
Just Checking: What You Need to Do Right Now to Keep Your Nonprofit In Compliance
Did you know that tax-exempt organizations are 2 times more likely than tax payers to be late with filing annual returns with the IRS? According to the IRS, there are about 2.95 million registered nonprofit organizations in the United States. Of this number, 1.065 million registered organizations, or 36%, lost their tax exempt status because they didn’t file Form 990 for three years in a row. While the remaining 1.88 million registered organizations are still eligible to receive tax-exempt contributions there is a strong likelihood that they still may have compliance issues. In comparison, about 85% of individual and corporate taxpayers file their income taxes (Form 1040) on time. Filing annual 990’s with the IRS is only one piece of the compliance puzzle. You also have to follow your organization’s own policies and procedures, and funders’ grant agreements. On top of that, you should be concerned with following federal and local regulations and maintaining transparency with the public. The consequences of noncompliance include strained relationships with funders and regulators; loss of funding; loss of standing with your clients and community; difficulty attracting funding; loss of tax-exempt status; tax liabilities and paying penalties and interest. I have found in my experience that all roads lead to compliance. It doesn’t matter what the assignment involves—program development, strategic planning, board development—or what have you. At one time or another we are all confronted with compliance issues and challenges. I will share a checklist of the filings that Illinois nonprofits need to maintain compliance. Be sure to check with your own state’s requirements and consult an attorney if needed..
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Check out our blog post here https://nonprofitutopia.com/just-chec...
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Nonprofit Utopia Podcast
Formerly known as Nonprofit ”U”, the Nonprofit Utopia podcast is an extension of the ideal community for emerging nonprofit leaders. We use our podcast as an online forum where nonprofit stakeholders can discuss the latest developments in the sector and increase their capacity to serve their clients and build sustainable communities. Valerie F. Leonard, an expert in community and organizational development is the host. Topics include nonprofit management, community development, capacity building and organizational development.
