Download: Nonprofit Law Podcast #35 (mp3, 9:42)
Shownotes
Intro
Tim Mooney… Welcome to the Nonprofit Law Podcast
Your guide to the laws impacting nonprofits.
Shownotes…. nplawcast.com
Email the show
News & Notes
- From the Nonprofit Law Blog (tim-mooney.com/lawblog)
- Senate deepens financial review of television ministries - NBC is reporting that the Senate Finance committee is renewing its demands for certain churches to provide detailed financial information. The letters sent today are a follow-up to letters sent last year to a virtual who's who of large televangelist ministries, including Benny Hinn and Kenneth Copeland.
- IRS reaches out to charities to aid in economic stimulus - The IRS is encouraging various partners and stakeholders such as charities, churches and governmental organizations to assist in efforts to reach out to those Americans who may be eligible for the 2008 economic stimulus payment but who normally have no requirement to file a tax return. People who receive certain Social Security, Veterans Affairs, Railroad Retirement or wages from earned income or combat pay may be eligible and not know it.
Joining a nonprofit board
- Duties of care, loyalty, and obedience
- duty of care is the duty to pay attention to the organization—to monitor its activities, see that its mission is being accomplished, and guard its financial resources.
- duty of loyalty is the duty to avoid conflicts of interest
- In cases of potential conflict of interest, directors must act to preserve and enhance public trust in the organization by putting the interests of the organization ahead of all other business and personal interests.
- Watch out for self dealing!
- duty of obedience is to carry out the purposes of the organization and to comply with the law.
- Before you say yes and join the board, do your homework
- Know the bylaws
- Know the expectations (financial goals for board members, etc.?)
- Know how you protect the organization (insurance coverage sufficient? etc.)
Resources
Guidestar - Joining a Nonprofit Board in a Post-Enron World
MN Council of Nonprofits - Roles and Responsibilities of the Nonprofit Board
BoardSource - The Nonprofit Board Answer Book
Closing
Email me with questions and suggested topics
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This podcast provides general information about legal topics but it is not a complete discussion of all legal issues that arise in relation to nonprofits nor is it a substitute for legal advice. This podcast does not create an attorney-client relationship. This is general legal information and the contributors make no warranties regarding the general legal information provided in this podcast , and disclaim liability for damages resulting from its use to the fullest extent permitted by the applicable law
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