The board is responsible for the governance of the organization and is accountable for its financial stability as well as the quality of services delivered to the community. [eJP note: Being a board member is hard work; a board chair, even more so. In looking at some of our most high profile organizations - in both Israel and the US - we find chairs who have abdicated all responsibility to the professional staff and board members, most of … [Read more...] about Board Members or Members Who Are Bored: Are Lay Leaders Really An Asset to the Nonprofit Organization?
If your organization is a social welfare organization (or you plan to form one), you’re required to notify the IRS of your existence or you could face monetary penalties. On July 8, 2016, the IRS issued final and temporary regulations and Revenue Procedure 2016-41, which detail new notice requirements for social welfare organizations imposed by the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). The PATH Act added Section 506 … [Read more...] about New IRS Notice Requirements for 501(c)(4) Social Welfare Organizations
According to a newly released study from the Alliance for Nonprofit Management, a national organization of nonprofit capacity builders, chairs of nonprofit boards in the U.S. are poorly equipped to lead their organizations and have little contact with their communities, constituents, funders and the media. Of those that did prepare, their primary source of training was through the observation of prior chairs, regardless if they were effective … [Read more...] about Study says: Board Chairs Unprepared, Disengaged
The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) that simplifies and improves how a not-for-profit organization classifies its net assets, as well as the information it presents in financial statements and notes about its liquidity, financial performance, and cash flows. “The new guidance simplifies and improves the face of the financial statements and enhances the disclosures in the notes - which … [Read more...] about Nonprofits Face New Requirements in Financial Statements
By Natasha Dresner “What exactly are our roles and responsibilities?” is probably one of the most frequently asked questions I get from the boards I work with. If you have ever worked with and/or served on a board, I bet you too have asked that question at one time or another. Why is it so popular? Perhaps, because of the complexity of the board’s job, ever-changing best practices in governance, confusion between paid staff and board roles, … [Read more...] about Some Kids Do Come with a Manual