This type of document gives you a "snapshot" of the financial picture of the organization at the time it is prepared
What is a Balance Sheet
100
This type of nonprofit may not engage in politcal advocacy on behalf of a candidate
What is a 501(c)(3)
100
This Type of Nonprofit may receive Tax Deductible Charitable Donations
What is a 501(c)(3)
100
One of the simplest and most used tools to mitigate risk that nonprofits face is what?
What is Insurance
100
The Form you file with the IRS to gain tax exempt status
What is a 1023?
200
These are put in place to reduce the risk of fraud or other unlawful financial practices in an organization
What are Financial Controls
200
These are two common purposes for nonprofits to form a coalition
What is to enhance resources
to gain members
to generate publicity
gather expertise
increase capacity
200
A Nonprofit is exempt from paying this type of tax in most circumstances
What is Income Tax
200
A group of associations or nonprofits form this to achieve a common objective
What is A Coalition
200
A nonprofit must file its 1023 with 27 months of ________ or there are effects on deductibility of donations
What is Filing your articles of incorporation
300
An organization might look to hire one of these in order to save costs like insurance, benefits, unemployment etc.
What is an Independent Contractor
300
Except for several specific types of organizations, a nonprofit is assumed to be one of these when it files its form 1023
What is a foundation
300
When a Nonprofit regularly earns income from sales or service which is not related to its mission it is called
What is UBIT
300
This federal legislation was enacted in 1997 with the goal of providing some protection to unpaid people who work in nonprofits and are fulfilling the work of the organization
What is The Volunteer Protection Act
300
These two categories are not required to, but may file a form 1023
What are religious institutions and nonprofits with gross receipts under $5,000.
400
If your organization is going to have an audit and seeks to follow Generally Accepted Accounting Principles it will use this accounting method
What is Accrual Basis accounting
400
The following three types of nonprofits (501(c)) may engage in legislative advocacy
What is a 501c3, 501c4 and 501c6
400
If an nonprofit has UBIT over $1000 it must file one of these with the IRS
What is a 990 T
400
A volunteer has ____________ from liability under the Volunteer Protection act under certain circumstances specified in the Act.
What is limited immunity
400
Preparing one of these is optional with your Form 1023, but it is encouraged by the IRS and is good governance
What is a Conflict of Interest Policy
500
A private foundation must donate what each year?
What is at least 5% of its total earned assets less allowable deductions
500
Donations from individuals and companies and grants from governmental entities are referred to generally as_____________
What is Public Support
500
A Nonprofit that is engaged in a money making business to further its mission is called a
What is a Social Enterprise
500
These are examples of ways to mitigate risk that your nonprofit might face in its operations (name 2)
What is Insurance
Training
Policies
Sharing the risk with experienced professionals
500
In order to meet the public charity test for the IRS you must meet one of these two ratios related to your public support