Maintaining Legal Compliance
December 28. 2015
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- Nonprofits must be aware of and comply with all applicable federal, state, and local laws. This may include, but is not limited to complying with laws and regulations related to IRS filing requirements, governance, human resources, licensing, financial accountability, taxation, valuation of in-kind gifts, unrelated business income, document retention and destruction, related entities, data security, accessibility, fundraising, lobbying, and advocacy.
- Nonprofits should periodically conduct an internal review of the organization’s compliance with known existing legal, regulatory, and financial reporting requirements, and should provide a summary of the results to the board of directors.