Advantages/Benefits
Nonprofits are eligible for these and can give tax deductions in return
What are public and private grants
As an exempt corporation, a nonprofit must keep detailed records and submit annual filings to these two places?
What are the state and the IRS
What does the term SROI stand for?
What is Social Return on Investment
These people set policies and run the nonprofit
What is the board of directors
Name and describe at least one vocabulary word
Any of the vocabulary words were acceptable.
Nonprofit Organization, Exemption, LLC Tax, 501(c)(3)
A nonprofit organization exists as a legal entity in its own right and separately from what?
What are its founder(s)
What are incorporation and tax exemption
What are some of the parts mentioned under Relationships in the Characteristics slide?
What are relationships with investors, attracting and retaining top talent, or spreading joy. Social impact also acceptable.
Nonprofits can not participate in what in order to keep their nonprofit status?
What are political events or activities
This organization mentioned on the examples slide is a nonprofit that occurs at Vail Academy?
What is FBLA
This is a status that is specially granted under Revenue Code 501(c)(3). This is granted on a federal level. Hint: This is a vocabulary word.
What is tax exemption
In some states, a nonprofit is required to have several directors, who in turn are the only people allowed to elect or appoint who?
Who are the officers who determine policy.
These types of people mentioned on the How It Works slide are a key part of nonprofits.
What are volunteers
This percent of expenses must be for program activities
What is 65 percent
Name two things that you should establish in regards to a nonprofit?
What are establishing a task, a structure, a board of directors, or a volunteer setup.
The founders, directors, members, and employees are not personally liable for what?
What are the nonprofit's debts
Nonprofit finances are open to public inspection. True or False?
What is true
There is usually not an income tax on these mentioned in the How It Works slide and they are usually considered tax deductible.
What are donations
When a nonprofit is dissolved, the assets go where?
What is to other nonprofits
The nonprofit numbers have different topics and different rules for what?
What are eligibility, lobbying, electioneering, and tax-deductible contributions.
If the directors do not perform their jobs in the nonprofit's best interests, and the nonprofit is harmed, they can not be held liable. True or False?
What is False, they can be held liable
A nonprofit organization is subject to laws and regulations, including its own what?
What are articles of incorporation and bylaws.
The business plan characteristic of nonprofits should include financial projections of how many years.
What is 3 to 5
The Better Business Bureau suggests that nonprofits form a board of assessing at least every how many years to inspect the organization's effectiveness?
What is every two years.
What number 501(c)(?) does social and recreational clubs fall under?
What is 501(c)(7)