Like every other organization, your not-for-profit is probably working hard to negotiate the challenges of high inflation and other economic threats. So you’d be forgiven for concentrating more on stretching every dollar than on your staffers’ financial anxieties.
First the COVID-19 pandemic wreaked havoc on not-for-profit finances and operations. Now, many organizations are worried about how high inflation and a possible recession might interfere with their plans.
By now, all organizations — for-profit and not-for-profit — know about the risk of cyberattacks. Why then, would any nonprofit fail to secure its network and digital assets? One reason is cost. Cybersecurity can be expensive.
Because most not-for-profit board members serve voluntarily, you may not have known compensating them was an option.
At its base, “accountability” means taking responsibility for outcomes — both good and bad. But one common byproduct of accountability is that results are actually more likely to be positive than negative.
Whew! That’s probably your reaction when outside experts announce that their audit of your not-for-profit is complete. But even if auditors have left your premises and returned the documents they’ve reviewed, the work isn’t really over.
Religious congregations usually enjoy greater protection from federal government oversight than other not-for-profit organizations.
Are your not-for-profit’s staffers employees or independent contractors? It’s an important question because under the Fair Labor Standards Act (FLSA), misclassifying workers can lead to penalties and other costs.
It’s been a busy year for natural disasters, with Hurricane Ian only the latest calamity to befall the United States and its territories. If your not-for-profit operates in or serves clients in a disaster zone, you know how difficult the recovery process can be.
So you forgot to file your not-for-profit’s Form 990, 990-EZ or 990-N with the IRS. It can happen — particularly with newer organizations that are still trying to get a handle on all the financial and regulatory requirements of running a nonprofit.