In 1993, a consortium of philanthropic organizations came up with the Donor Bill of Rights to guide not-for-profits in their interactions with financial supporters. For the most part, the basic principles remain valid.
Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other stakeholders with critical information about your not-for-profit.
A warning if your not-for-profit organization is looking for expenses to cut: Don’t skimp on insurance. Should your nonprofit experience a fire, major theft or other calamity, you’ll be glad you have the coverage.
“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget.
It would be an understatement to say 2020 has been challenging.
Collective impact initiatives are growing among not-for-profits. Such initiatives are about more than collaboration. They represent the commitment of a group of organizations to a common agenda for solving a specific social problem.
Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately.
Does your private foundation have a detailed conflict-of-interest policy? If it doesn’t — and if it doesn’t follow the policy closely — you could face IRS attention that results in penalties and even the revocation of your tax-exempt status. Here’s how to prevent accusations of self-dealing.
Employees or independent contractors? It’s not only for-profit companies that struggle with the question of how to classify workers for federal tax purposes.
Not-for-profits increasingly are adopting a corporate world tool: financial dashboards. A dashboard is a summary of an organization’s progress toward a specific goal over time — or a snapshot of its current situation.