How the IRS Defines a Charitable Purpose

How the IRS Defines a Charitable Purpose

When someone mentions the word “nonprofit,” the first thing that most people think of is a charitable organization—considering that approximately 78 percent of all organizations exempt from paying taxes are exempt under section 501c3. The remaining 22 percent comprises social welfare nonprofits, business leagues, and social/recreational clubs. Additionally, there are about 24 other possibilities that…

How Does A Nonprofit Board Member’s Fiduciary Responsibility Work?

How Does A Nonprofit Board Member’s Fiduciary Responsibility Work?

Nonprofit boards have a fiduciary responsibility to the organization and its mission. In this sense, the board must act in the best interests of their nonprofit – not in their interest. This article explains fiduciary responsibility by breaking down what it means and how they implement it in their organization. What is a Fiduciary? The…

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