What are some essential compliance tips for nonprofits?
An example of an AI chatbot conversation about nonprofit compliance tips.
What are some essential compliance tips for nonprofits?
Nonprofits should ensure they are registered with the IRS, maintain accurate financial records, and file annual reports.
What specific financial records should we keep?
You should keep records of income, expenses, donations, and any grants received, along with receipts and invoices.
How often should we file our reports?
Most nonprofits need to file their Form 990 annually, but check your state requirements for additional filings.
Are there penalties for non-compliance?
Yes, penalties can include fines, loss of tax-exempt status, and legal issues, so it's crucial to stay compliant.
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