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Nonprofit Fund Raising

Want to Raise Money for Your Nonprofit? In order for donors to deduct their charitable contributions, the IRS guidelines require that the taxpayer donor show that the amount claimed as a deductible gift to charity is more than the fair market value of any benefit received.  Moreover, it is important that the nonprofit corporation complies …

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How To Form A Business

Why Form A Business Entity?  The main reason to form a business is to earn profit.  Whether you operate as your own business or as a company or corporation or any other formal legal entity, the same reason applies – earn money.  However, the law offers various protections when forming a business.  The informed business …

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Nonprofit Public Benefit Corporation

WHAT ARE MEMBERS OF THE NONPROFIT PUBLIC BENEFIT CORPORATION? Membership for a Nonprofit Public Benefit Corporation is optional.  The reasons for providing membership in a nonprofit include: (1) Attract funds through membership, or (2) Establish support in the community.  However, many administrative burdens are associated with forming a membership organization and it is more common …

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How Does A Nonprofit Organization Maintain Tax Exempt Status?

TAX EXEMPT STATUS Annual financial reports must submit to the IRS and the California Franchise Tax Board to maintain a nonprofit organization’s tax exempt status.  The board of directors should review the corporation’s annual IRS and State filings before submitted.  Often, the nonprofit will retain an independent accountant to conduct a review of the organization’s …

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How Does A Nonprofit Obtain Tax Exemption Status?

TAX EXEMPTION STATUS The major benefit of charitable nonprofit organizations is that they may qualify for exemption from Federal and State income tax.  In addition, corporate donors may deduct contributions to organizations that are exempt under section 501(c)(3) of the Internal Revenue Code from their personal Federal income tax.  A tax professional must be retained …

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Nonprofit Charitable Purposes

Nonprofit Charitable Purposes WHAT ARE THE NONPROFIT CHARITABLE PURPOSES? Groups organized for “nonprofit charitable purposes” are exempt from income tax pursuant to Internal Revenue Code section 501(c)(3).  Such groups include those organized and operated for religious, charitable, scientific, educational, or literary purposes. NONPROFIT CHARITABLE PURPOSES BROAD PUBLIC INTEREST The term “charitable purpose” is defined broadly and includes …

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