Fulfilling IRS requirements as a nonprofit, 501-c-3 organization includes having a strong board of directors and sound infrastructure. Many times, organizations underestimate the importance of these issues and threaten their very own longevity by failing to address these critical areas:
- Organizational Assessment - Like a 50,000 mile check up for your vehicle, this instrument can provide you with a clear picture of your entire organization and point to those items that need addressing
- Policies and Procedures - These provide board and staff with the necessary tools to function more effectively and responsible
- Risk Management - Most organizations get the basic liability coverages but don't look beyond to the critical area of Director's and Officer's Liability
- Board Development - Assuming that all board members have sufficient experience to work together efficiently is an error that often results in poor board performance
- Strategic Planning - The lack of a long range strategic plan and an annual operating plan leaves most nonprofits in a reactive rather than proactive mode and sends a message to potential funders that they might invest their dollars with another organization
- Financial Development - The lack of a solid financial plan has resulted in many worthy nonprofits going out of business for lack of funds
Use this checklist with your nonprofit. If you are missing any of these elements, contact us. We would be happy to discuss options for your organization to get the job done.