Exam 1 Flashcards
What are the three Fiduciary Duties?
Duty of care, duty of loyalty, duty of obedience.
The form filed to receive tax-exempt recognition:
Form 1023
What does the Form 990 disclose?
The salaries of contractors/officers/directors.
Who should the compensation committee exclude from their conversations?
Executives.
What does the Board of Directors do?
Oversees the management of an organization and ensures the mission is being fulfilled.
Who owns a non-profit organization?
No one (not in a singular sense).
Action by the board members can be in _____ rather than in person.
Writing.
Filing the Articles of Incorporation is done with the _______.
Secretary of State.
What are bylaws?
The documents governing operations of the board.
Tax-exempt organizations are not exempt from which taxes?
Payroll taxes.
