Have governing body 4 hold regular board meetings 5

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of ethics; 3. have governing body; 4.  hold regular board meetings;  5. institute  policies and procedures to manage funds;  6. pay for or reimburse travel expenses  for spouses and dependants accompanying someone conducting business for  nonprofit; 7. can provide loans to a board member. b.  1.  follow applicable federal/state/local laws; 2. contributions are to be used for  purses consistent with donor's intent; 3. solicitations identify the nonprofit and are  accurate; 4. have a governing body; 5. institute policies and procedures to manage  funds;6.  nonprofit provide donors with specific acknowledgements of charitable  contributions;7 keep complete and current and accurate financial records. c.  .  1.  follow applicable federal/state/local laws; 2. contributions are to be used for  purses consistent with donor's intent; hold regular board meetings;  4. have a  governing body; 5. institute policies and procedures to manage funds;6.  nonprofit  provide donors with specific acknowledgements of charitable contributions;7 keep  complete and current and accurate financial records. 4Professor Applegate V362 Sample Unit 1 Exam Spring 2013
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Incorporation and Other Legal Issues _____1. Tax-exempt organizations are commonly referred to as “nonprofits” because: a. They are prevented from distributing their profits to shareholders or  owners. b. They are required by law to give their profits to charity. c. They are prevented by law from making a profit. d. Employees cannot be compensated for their labor.     ______2. All but one  of the following statements is true.  Identify the statement that is   false   regarding the similarities and differences between a 501-c-3 “charitable”  organization  and a 501-c-4 “social welfare” organization. a. Both organizations are public-serving (as opposed to member-serving). b. Both organizations must file a Form 990 with the IRS. c. Gifts to both kinds of organizations are tax deductible.    d. Both organizations are required to have a board of directors. 3. Rank the following four steps in the order that a new nonprofit organization  going through the incorporation process would do them: (write the numbers 1 –  4 next to the items below).  ______ Get recognition for federal tax-exemption from the Internal Revenue  Service. ______ Obtain an Employee Identification Number. ______ File articles of incorporation with the state.   ______ Establish the organization’s purpose. ______4.  The “no private inurement” constraint… a.    Sets a cap on executive pay.
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  • Spring '13
  • BethApplegate
  • sample unit, 1Professor Applegate

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