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:

• Lois G. Lerner, Director of the Exempt Organizations Division of the IRS
• Cynthia B. Nunn, President, Center for Nonprofit Management
• Jan Soifer, Attorney: Lawrence & Soifer LLP
• Teresa A. Wright, Executive Director, Funding Information Center
• Ronnie C. McClure, PhD, CPA, Wealth Management Consultant

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

In Part One of a two-part series on community nonprofit organizations, Dennis McCuistion and the panelists take a look at community nonprofit organizations.  Specifically, they seek to answer the following questions:

• What do you need to know in order to volunteer or donate?
• What is the purpose of nonprofit organizations?
• What are the tax benefits they are the able to enjoy?

The panelists include:

• Lois G. Lerner, Director of the Exempt Organizations Division of the IRS
• Cynthia B. Nunn, President, Center for Nonprofit Management
• Jan Soifer, Attorney: Lawrence & Soifer LLP
• Teresa A. Wright, Executive Director, Funding Information Center
• Ronnie C. McClure, PhD, CPA, Wealth Management Consultant

Community nonprofit organizations are doing acts of service that are necessary for community growth and advancement.  Currently, there are 2 million tax exempt organizations across the country and half of them are charitable.

Lois Lerner, Director of the Exempt Organizations Division of the IRS, spends time with viewers explaining the benefits of the IRS website.  She offers an assurance that the IRS does what they can to ensure that each community nonprofit organization has easy access to the tools and resources they need to access government help and to ensure they are operating above board.

In relation to giving to a nonprofit, the panelists address common concerns about giving and how a donor can ensure that their donation is being properly handled and accounted for, citing various websites and resources.

The panelists offer suggestions to community nonprofit organizations as well. They encourage all nonprofits to be fully transparent with information. When the public can see that a nonprofit is transparent, it will lead to more peace of mind for the potential donor, thus benefiting the nonprofit organization and the cause it serves.

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1707 – 01.18.09