Have you been asked to serve on a nonprofit board? If so, what legally related aspects do you need to learn? Or if you have just added a new director to your organization, what do you need to share with them? New directors should be well equipped to serve well on nonprofit boards. Here are key tips to promote organizational vitality, mission advancement, and leadership success.
Recent presidential impeachment hearings have raised the Latin phrase quid pro quo to national attention. What does it mean? The literal meaning of quid pro quo is “something for something.” Put differently, a quid pro quo exists when something is given in exchange for something else. In Thanksgiving parlance, quid pro quo may mean a person better bring a dish (or two) to share at the holiday table! For nonprofits, this term applies to charitable contributions and payments for goods and services, with critical distinctions affecting tax deductibility, tax receipting, and potential “private benefit” tax issues. This article provides a helpful primer on these important tax issues with a special holiday spin.