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In Part Two of a two-part series on community nonprofit organizations, Dennis McCuistion is joined by a panel of experts with experience in the nonprofit sector.

The panelists include:

In addition to the intrinsic benefits that come from serving in a community nonprofit organization, favorable tax treatment is among the most significant advantages for nonprofit organizations.  However, tax forms like the 990 can be tricky to navigate through.  The panelists discuss ways to go about making sure that the form is filled out correctly.

After 25 years of a non-revised 990 form, Lerner discusses some of the differences that were implemented in the new 990 form and the reasons why they were implemented. The panelists further the discussion by talking about the differences between the various IRS forms and explain the types of trade associations and other organizations that are typically tax exempt.

After giving some examples of cases where nonprofits were not operating above board, they discuss the types of services that the IRS generously offers all nonprofits.  The IRS understands that many times people are just uninformed, so they try to be proactive in providing easy access to the information that is needed.

The panelists end the conversation by discussing various resources that a nonprofit director or board member can reference in order to learn “best practices” for a community nonprofit organization.

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1708 -01.25.09

Interesting News Updates for Friday
News Update: Home Sales and Price of Gold