Non-profit law Flashcards
What Fiduciary Duty deals with negligence
Duty of Care
T or F. You should keep your 1023, Determination Letter, and any state documents easily accessible
True
All Nonprofits have…
Missions, Fiduciary Duties, Tax Exempt Status
T or F. A lot of nonprofits have a general counsel
True
T or F. Asking family/friends for legal advice for a nonprofit is a good idea
False
What two things do you need to find early on?
Accountant and Attorney
What does nonprofit mean?
Recognized by their states law as a nonprofit. Publically supported donations by the public. And have obtained tax-exempt status under section 501(c)(3)
_____ are for the reason for being.
Missions
With perpetual life, corporations live on event of….
People die
T or F. Nonprofits focus on organizations tax exempt status under Section 501(c)(3)
True
What are the three Fiduciary Duties
Duty of Loyalty, Duty of Obedience, and Duty of Care
What does the Settlor do?
Transfers assets to the trust which is governed by trustees.
Articles of Incorporation are like what?
Birth Certificate of the organization
T or F. No individual with profit from the service or purpose rendered?
True
Donations to public charities are _____
Deductible
