Legal Compliance and Ethics
40% of nonprofits have declined a gift. The research cites that the most common reason for turning down gifts is that the gifts came with too many strings attached. Other reasons given in the survey included the practicality of the donation and conflicts between the values of the donors and the values of the nonprofit organization.
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The University of Maryland Medical System (UMMS) was the subject of an extensive expose by the Baltimore Sun detailing issues related to a reported 9 board members having contracts with the hospital system, including the Mayor of Baltimore. UMMS’ troubles are an important reminder for all boards of directors of nonprofits about the importance of strong ethical and oversight practices.
There is more to running an ethical, accountable, and transparent nonprofit than just legal and accounting requirements. Boards of directors can set the tone for the organization by conducting regular reviews of core governing and operating policies and procedures. Check out these four things your board of directors can do to embrace ethical, accountable, and transparent values in the new year.
Nonprofits should represent the interests of the people they serve through public education and public policy advocacy, as well as by encouraging board members, staff, volunteers, and stakeholders to participate in the public affairs of the community. When appropriate to advance the organization’s mission, nonprofits should engage in promoting public participation in community affairs and […]
Even if everything for your fundraising event was donated, those who purchase tickets and attend your event MAY NOT take a tax deduction for the full cost of their tickets to your fundraiser. The cost to your organization for this event (or any event) does not impact the deductibility for those who buy tickets to […]
Most nonprofits need General Liability insurance and Directors and Officers (D&O) insurance. If the organization has employees, workers compensation insurance, as well as other insurance offered to employees as benefits such as health, dental, and life insurance may be needed. More information on types of insurance relevant to nonprofits can be found below. 1. […]