Top 3 Reasons to Lose Nonprofit Status UNLV Alumni Association Leadership Development Day March 5, 2011.

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Presentation transcript:

Top 3 Reasons to Lose Nonprofit Status UNLV Alumni Association Leadership Development Day March 5, 2011

Selling products & services that clearly compete with the private sector  Example: Religious book publisher sold books in direct competition with for-profit bookstores. Court ruled tax- exempt status gave the publisher an unfair advantage over competitors. Conducting activities unrelated to the nonprofit mission Engaging in business activities that allow board members to benefit or profit in a manner that’s a clear conflict of interest Engage in Plenty of Nonexempt Activities

Get Involved in Prohibited Political Activities Giving financial or in-kind support to political candidates Endorsing or opposing political candidates Sending partisan political communication advising citizens or politicians how to vote Exceed limits set by IRS on lobbying expenses

Fail to File Accurate IRS 990 Forms Poor recordkeeping  Don’t keep accurate minutes of board meetings especially board motions  Fail to keep receipts and invoices for expenses Fail to issue charitable receipts Don’t report or pay tax on unrelated business income File incomplete or erroneous 990 forms

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