The numbers don’t lie – nonprofits are deeply integrated into the fabric of American society. According to the Hill and Mancino treatise Taxation of Exempt Organizations, "There are more than 1.4 million nonprofit organizations exempt from federal income tax under Section 501(a) of the Internal Revenue Code (the Code) as organizations described in one of the paragraphs of Section 501(c)."
Has that ever been your response, when reading about indemnification for nonprofits? Simply explained, indemnification is the legal procedure by which a corporation reimburses directors, officers, and other agents for liabilities, expenses, and other losses incurred in the event of a lawsuit or other proceeding. This important protection should provide great comfort to the organization’s leaders.
What's your nonprofit's mission? Given the continued talk of reducing charitable tax deductions, along with perennial fundraising challenges, nonprofits these days need compelling mission statements more than ever. How effectively are you communicating your mission to donors and other constituents? At a more foundational level, much effort has your board invested in developing a strong mission statement to serve as its guiding compass?