How Independent Audits and Audit Committees Protect Nonprofits

A nonprofit’s viability may depend heavily on the organization’s financial credibility. Proper financial management is essential to the health of any nonprofit and may be pivotal to the protection of the organization’s mission and consequent effectiveness and efficiency. Independent audits and audit committees can help nonprofits make informed financial decisions...

Governance Documents: Diversity, Equity, and Inclusion for Nonprofits

The Center for Effective Philanthropy reports that 70% of organizational leaders in the nonprofit sector consider staff diversity to be of great importance, yet only 36% believe they have actually achieved it. Nonprofit organizations that fight to improve social problems should consider incorporating explicit language on the importance of...

Treasury Eliminates Donor Information Disclosures by 501(c)(4) and 501(c)(6) Organizations

The Treasury Department announced a change in the regulations making it no longer necessary for 501(c)(4) and 501(c)(6) organizations to disclose the identities of their donors on their annual information returns to the IRS. More specifically, tax-exempt organizations described by section 501(c), other than section 501(c)(3) organizations, are no...