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Reinstate Revocation

Automatic Revocation – How to Have Your Tax-Exempt Status Retroactively Reinstated Organizations whose tax-exempt status was automatically revoked because they did not file required 990 series returns or notices for three consecutive years can apply for reinstatement of their tax-exempt status. In a new Revenue Procedure 2014-11, the IRS explains the four procedures an organization may …

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The Do’s & Don’ts of Benevolence Funds

Putting formal procedures in place is always a wise decision. A Benevolence Fund is no exception. Benevolence Funds are used by churches and other nonprofits to help those in need during a financial crisis. Here are some helpful hints for maintenance and oversight. Documenting is essential for protecting your ministry and putting in place checks …

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New York Purpose Statement

When the New York Department of State rejects a purpose statement for the Certificate (Articles) of Incorporation, it usually uses the following verbiage: “The Not-for-Profit Corporation Law requires corporations to provide specific purpose(s). The purpose(s) set forth in the proposed certificate are unacceptably vague and must be clarified. Please review the following list of helpful …

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Nonprofit Recordkeeping Part 2

Records Management Assets & Liabilities Assets are the property, such as investments, buildings and furniture an organization owns and uses in its activities. Liabilities reflect the pecuniary obligations of the organization. A public charity must keep records to verify certain information about its assets and liabilities. Records should show: -when and how the asset was …

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