U.S. nonprofits that have bank accounts in foreign countries must file a Report of Foreign Bank and Financial Accounts (FBAR) each year to report the existence of foreign financial accounts held outside the United States. Beginning this year, the filing deadline for the FBAR has been moved up to April 15 with a new automatic six-month extension option until October 15, 2017. This change aligns it with the filing deadline for individual income tax returns.
For more information about FBAR, see our article Reporting Requirement for Nonprofits with Foreign Bank Accounts.
Did you get incorporated in one state and then move your operations?
A nonprofit organization’s tax-exempt status is tied to its incorporation. The IRS decides whether to recognize a nonprofit as tax-exempt under §501(c)(3) of the Internal Revenue Code based on its articles of incorporation and bylaws. If your organization incorporates in one state and obtains its §501(c)(3) status then later decides to move states, the organization should not reincorporate in the new state. The organization should instead maintain its incorporation in the original state (including filing its annual registration and reports) and also register as a foreign corporation in the new state, if required to do so under that state’s law. For more information about registering as a foreign nonprofit corporation in Georgia, please see the article attached.
A nonprofit organization that plans to end its operations should complete certain steps including adopting resolutions and making government filings. An organization that closes without following proper procedures could expose itself to lawsuits from claimants and creditors and IRS enforcement actions. This article provides a broad overview of the dissolution process.
A nonprofit’s bylaws define how the organization is governed. Some of the most important items addressed in the bylaws are the roles and duties of directors and officers, the rules for conducting board meetings and electing directors, and the relationship between the nonprofit and any members or affiliates. A well-drafted set of bylaws can enable an organization to achieve its goals.
During this webcast, our speaker will help nonprofits understand:
• The interplay of bylaws with state nonprofit corporation law, and the organization’s articles of incorporation, and policies and procedures
• Best practices for maximizing organizational effectiveness
• The process for drafting and revising bylaws
Presenter: Paul Fancher, Troutman and Sanders
Due to technical difficulties, this webcast is in two parts. Please view both for the complete webcast.
This article presents the steps for changing the legal name of a 501(c)(3) tax-exempt, nonprofit organization in Georgia.
This article sets forth best practices for a 501(c)(3) nonprofit corporation to consider when determining the size and composition of its board of directors.
This is part seven of an eight part webinar series that provides general legal information about operating a 501(c)(3) tax-exempt, nonprofit corporation. This webinar details the financial responsibilities of the Board of Directors, including approving budgets, reviewing financial statements, and setting internal controls.
Presenter: Denise Devenny, CPA, Vice President of Operations with the Bipartisan Policy Center
This is part four of an eight part webinar series that provides general legal information about operating a 501(c)(3) tax-exempt, nonprofit corporation. This webinar covers the recordkeeping requirements for nonprofits, including IRS requirements, and best practices for keeping and maintaining other important organizational records.
Presenter: Mark Hoenig, Esq., Weil, Gotshal & Manges
This is part two of an eight part webinar series that provides general legal information about operating a 501(c)(3) tax-exempt, nonprofit corporation. This webinar discusses nonprofit governance requirements and best practices, including those for board duties, board meetings, board member rights and liabilities, governing documents, and filings.
Presenter: Holly Gregory, Esq., Weil, Gotshal & Manges (no longer with firm)
“Collaboration” is a huge buzz word these days in the nonprofit world. There can be great reasons for nonprofits to collaborate – pursuing funding sources available only to collaborators is just one of those reasons. But what does it really mean to “collaborate.” And what are the benefits and challenges of collaboration for a nonprofit?
During a one-hour webcast, we will explore legal issues nonprofits should keep in mind as they consider collaborations. Topics covered will include:
• The broad spectrum of collaborations and the different relationships and structures within the spectrum;
• Specific issues that should be addressed when collaborating; and
• Examples of various successful collaboration efforts.
Presenters: Alan Rosselot, Delta Airlines
Robyn Miller, Pro Bono Partnership of Atlanta