1 / 11

So you are a non-profit, now what? Best Practices for Non-Profit Corporations

So you are a non-profit, now what? Best Practices for Non-Profit Corporations. Karim A. Ali Ohio Association of International Baccalaureate World Schools September 27, 2013. Agenda. 501(c)(3) Application Process Code of Regulations Conflicts of Interest Policy

jelani-dixon
Download Presentation

So you are a non-profit, now what? Best Practices for Non-Profit Corporations

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. So you are a non-profit, now what?Best Practices for Non-Profit Corporations Karim A. Ali Ohio Association of International Baccalaureate World Schools September 27, 2013

  2. Agenda • 501(c)(3) Application Process • Code of Regulations • Conflicts of Interest Policy • Best Practices – Non-Profit Corporation Governance • Next Steps

  3. 501(c)(3) Application Process • Submit Form 1023 • IRS Review • IRS Comments / OAIBWS Responses • Final IRS Review • IRS Decision

  4. Code of Regulations • Supersedes the OAIBWS constitution • “Charitable Purpose” • “No Private Inurement” • Limited Purpose • Officer Duties • Officer Removal • Action without a meeting

  5. Conflicts of Interest Policy • Highly recommended by the IRS • Members of the Executive Board (and representatives of member schools) should disclose their personal or financial interest in matters coming before OAIBWS • Avoid private benefit

  6. Best Practices • Duty of Care • The executive board has a legal duty to exercise due diligence in good faith- • Executive Board must use reasonable prudence • Executive Board must reasonably believe a decision is in the best interest of OAIBWS • Executive Board has a duty to inquire

  7. Best Practices • Duty of Care • Executive Board must be informed about the financial status of OAIBWS • Executive Board must have full and accurate information to make informed decisions

  8. Best Practices • Duty of Loyalty • The executive board has a legal duty to act in the best interest of OAIBWS rather than their personal or financial interest.

  9. Best Practices • Non-Profit Governance • Financial reporting and monitoring • Established expense approval process • Financial audits (at least annually) • Formal approval of expenses exceeding $250.00 • Document decision making • Re-evaluate processes annually • Permanent mailing address for OAIBWS

  10. Next Steps • Document retention policy • Annual reporting obligations • Approval of governance documents

  11. Contact Information Karim A. Ali Porter Wright Morris & Arthur LLP 41 South High Street Suite 2900 Columbus, OH 43201 (614) 227-2023 kali@porterwright.com

More Related