Establishing an audit committee or getting external audits is crucial for larger nonprofits.
Spence said:
Establishing an audit committee or getting external audits is crucial for larger nonprofits.
How do I set up an audit committee?
Spence said:
Establishing an audit committee or getting external audits is crucial for larger nonprofits.
How do I set up an audit committee?
Appoint board members with financial expertise to oversee audits and financial reporting.
Spence said:
Establishing an audit committee or getting external audits is crucial for larger nonprofits.
External audits can add credibility and trust with donors.
Remember, no private individual can benefit financially from your nonprofit’s income.
Kim said:
Remember, no private individual can benefit financially from your nonprofit’s income.
What happens if someone does benefit financially?
Kim said:
Remember, no private individual can benefit financially from your nonprofit’s income.
What happens if someone does benefit financially?
It can jeopardize your tax-exempt status and lead to legal issues.
Kim said:
Remember, no private individual can benefit financially from your nonprofit’s income.
Ensure all financial activities align with your mission to avoid conflicts.
Setting up internal financial controls helps prevent fraud and misuse of funds.
Madison said:
Setting up internal financial controls helps prevent fraud and misuse of funds.
What kind of controls should I implement?
Madison said:
Setting up internal financial controls helps prevent fraud and misuse of funds.
What kind of controls should I implement?
Segregate duties, require multiple approvals for expenses, and regularly review financial statements.
Madison said:
Setting up internal financial controls helps prevent fraud and misuse of funds.
Regular financial reviews also build trust with donors and stakeholders.
When handling dissolution, make sure to transfer assets to another nonprofit.
Tan said:
When handling dissolution, make sure to transfer assets to another nonprofit.
Why can’t we keep the assets?
Tan said:
When handling dissolution, make sure to transfer assets to another nonprofit.
Why can’t we keep the assets?
Nonprofits are required by law to use their assets for charitable purposes, not personal gain.
Tan said:
When handling dissolution, make sure to transfer assets to another nonprofit.
It’s part of maintaining your legal compliance throughout the organization’s lifecycle.
Any thoughts on managing volunteer roles and obligations?
Harlan said:
Any thoughts on managing volunteer roles and obligations?
Clear policies help set expectations and protect both the volunteers and the organization.
Harlan said:
Any thoughts on managing volunteer roles and obligations?
Clear policies help set expectations and protect both the volunteers and the organization.
Makes sense. I’ll draft some guidelines.
Harlan said:
Any thoughts on managing volunteer roles and obligations?
Also, consider training sessions to ensure everyone understands their roles.