This is part eight 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 basics of identifying the risks involved in operating an nonprofit; and how to best address those risks in order to protect your organization, your clients, your board, your employees and your volunteers.
Presenter: Regina Hopkins, Esq., Assistant Director for Community Economic Development, D.C. Bar Pro Bono Program
Every day nonprofits face risk in virtually every aspect of their operations. Since risk cannot be eliminated because life itself involves risk, the goal must be to manage risk. As the word “manage” implies, when a nonprofit attempts to reduce or control, i.e., manage its risk, it takes time, effort and money, all of which can take away from the time, effort and money being spent on the mission of the nonprofit.
During this one hour webinar, our speaker will discuss tools that will help nonprofits minimize the amount of time, effort and money consumed by risk management. Specifically, “risk shifting” will be covered in three areas:
• contracts provisions and forms that shift risks and liability to another person or company;
• insurance that shifts responsibility for the consequences of risks to an insurance company; and
• how contracts and insurance fit together.
Presenter: George Sewell
Risk management does not represent the most exciting or inspiring part of a nonprofit organization’s work. However, it is as crucial as any other task a nonprofit undertakes, because good risk management ensures that the nonprofit will have enough assets to carry out its mission. It also ensures that the nonprofit’s actions will not harm the client population it is trying to serve, the general public, or the organization’s employees and volunteers. In order to assist your nonprofit in developing a risk management plan, the D.C. Bar Pro Bono Program has developed a guidebook that discusses the basics of risk management, including:
• steps that will help you identify the risks your organization faces as a result of its day to day operations;
• strategies that will help your organization minimize these risks; and
• information about how your organization can insure against these risks.
Please note that in addition to the legal disclaimer above, this article contains information that is based, in whole or in part, on the laws of the District of Columbia. As a result, the information may not be appropriate for organizations operating outside the District of Columbia.