The IRS doesn’t require nonprofits to file taxes. You probably remember the forms and papers that you filled out when you first opened your doors to ensure you didn’t have to endure the annual burden of paying taxes on the revenue you receive. But does that mean your organization is also exempt from nonprofit audits? The answer is simple: no. While you may have escaped the need to pay taxes, you may still find that your organization should conduct an independent nonprofit audit.
For nonprofit organizations, a nonprofit risk management plan is essential--especially in a year like this one. Whether we’re talking about legal liabilities, financial unpredictability, accidents, natural disasters, or even errors in management, nonprofits and every other kind of business put themselves at risk by merely existing. While nonprofits may aim to be very careful, prepared, and strategic about managing these risks, they’re often overlooked because nonprofit businesses tend to feel secure in their relationships and practices.
Nonprofit organizations rely on funding, which doesn’t always come easily. Because of this, they’re often involved in fundraising efforts, which depend upon the ability to successfully market themselves. Marketing a nonprofit is a bit different than selling a for-profit business, but it can also be more fun and even rewarding. By focusing your efforts on those that are truly effective, you can market your nonprofit in a way that speaks to your community, donors, and the populations you serve.
When you hear the word nonprofit, what comes to mind? If you work for a nonprofit business, you’ve probably figured it out. But for many others, the very phrase spurs confusion. If a nonprofit is a business, shouldn’t they seek to make a profit? And how can a business of any kind function in the absence of money? What exactly qualifies as non-profit? Can a nonprofit make a little bit of money and still qualify for tax exempt status?
You may be familiar with journalism and probably even nonprofit organizations, but, when you combine the two, they become another thing entirely. While nonprofit journalism has been around for quite some time, it doesn’t, ironically, get a lot of airtime. That is, nonprofit journalism is all around you, but you might not even know it. You’ve probably interacted with media put forth by institutions practicing as nonprofit journalists--they’re actually everywhere! Big and little, far and wide, nonprofits and journalism are a natural fit because they combine passionate people with refined skills, creativity, and the desire to work hard under a variety of circumstances.