Q&A #1: Family Members on a Nonprofit Board, and other Q&A's

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Q&A #1: Family Members on a Nonprofit Board, and other Q&A's

Рет қаралды 3,019

Күн бұрын

Nonprofit Questions and Answers... ANSWERED by Founder and CEO of Foundation Group, Greg McRay. Today, Greg answers viewer submitted questions submitted in the KZfaq comments and through our www.501c3.org website. We receive tons of questions, every day, from people all across the country, needing help with their nonprofit compliance. Today, we tackle those issues head on.
Today’s Topic: Family members on a nonprofit board of directors
GOT A QUESTION?! Let us know in the comments. Your question could be answered in the next installment of Q&A with Greg.
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📚 ADDITIONAL RESOURCES:
•VIDEO: Can Related People Be on a Nonprofit Board Together? • Can Related People Be ...
•VIDEO: What is a Disqualified Person in a Nonprofit? • What is a Disqualified...
•BLOG ARTICLE: Related Members on a Nonprofit Board of Directors bit.ly/2WAJtnH
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0:00 Introduction
1:15 Question #1 and #2
5:20 Question #3
10:43 Question #4
15:17 Conclusion

Пікірлер: 15

@FoundationGroup Жыл бұрын

GOT A QUESTION?! Let us know in the comments. Your question could be answered in the next installment of Q&A with Greg.

@terrigould8133 Жыл бұрын

I have people I have known for years that are all in the same mind frame as me to make my program a success. I watch the videos and learn so many things college does not teach in standard business classes. Currently working on my MBA with highest honors and will make my dream of opening a no kill shelter and sanctuary a reality for all the small animals that the standard shelters forget or turn away

@JnTmarie 11 ай бұрын

Good luck but you don’t need it you have know;edge skills passion and purpose

@waynecmontgomery Жыл бұрын

Great video Greg!!! It would have been better if the "crooks" I mean family board members had the nonprofit own the LLC as an investment vehicle. I am having a great time here in Hawaii with nonprofit donated funds (LOL). Have you guys opened up your mailing service? BTW Love the laptop logo

@user-hb4yh5mz2v Жыл бұрын

Truly outstanding! Because much of this is gray zone,how often do these issues result in litigation eg the whole family on the board allowing questionable activities. How often is there whistleblowing, how often is 501c3 status withdrawn by the IRS, and what about the 501c3 suing the IRS? I’m guessing the IRS wins over 95% of lawsuits but are there actual statistics supporting my speculation?

@FoundationGroup Жыл бұрын

Interestingly enough, most of these issues get litigated in state court, not with the IRS. The various state AG offices are far more likely to get involved in these situations than the IRS is. When it happens, the states are usually very thorough in sticking to the state nonprofit law. In the case of the family in this video, they would be in serious trouble, most likely charged with criminal activity. In contrast, the IRS revokes 501c3 status "for cause" pretty rarely. If they do seek to remove status, it isn't a court environment. The IRS is judge, jury, and executioner, so they win most of the time.

@kay120952 11 күн бұрын

I will turn 73 2025 and will have to take RMD can I transfere the RMD to my private nonprofit foundation?

@rootervilleanimalsanctuary810 Ай бұрын

Hi! Thank you for what you do! Our nonprofit has a loan that I, the president, am the personal guarantor on. Part of the funds were used to purchase a property to move our charity to, the problem was that after the property was purchased, to get insurance, it had to be in a private person's name, not a business. I had to put the property in my name to be able to insure it and so I had to "borrow" the funds used to buy it, which I paid back in less than a year. If I used the loan funds for this and not donations, is it illegal? It was a very bad situation to be put into after the property was purchased but there was no other way to insure the dwelling. Thank you for your response.

@FoundationGroup 21 күн бұрын

Sadly, these things happen a lot to smaller organizations. However, if your organization is a corporate entity, it should be able to obtain insurance under its own name. It doesn't make sense that it wouldn't be possible. Nonprofits everywhere do it every day. If the property truly belongs to the nonprofit and it's paid for, you need to find an insurance company that will insure it under the org's ownership. Once you find that insurance company, transfer title to the nonprofit, then secure the insurance coverage. You cannot legally own the property that should belong to the nonprofit.

@mctacademy3806 8 ай бұрын

Hello Greg! I have been watching your videos and i appreciate them. However, could you please shed more light on non-profit private foundation vs public non-profit foundation?

@FoundationGroup 6 ай бұрын

Hi! Check out our video, "Public Charity vs. Private Foundation vs. Private Operating Foundation." kzfaq.info/get/bejne/ndKol9GDsbaqZKs.html Hope that helps!

@druidindigo5076 3 ай бұрын

How much of the board can be a working board that also works as staff? In a public 501c3

@FoundationGroup 3 ай бұрын

Answered in another thread.

@joeanngarner1224 4 ай бұрын

Can My 1 Daughter and 2 Sons Be On My Board Of Directors???

@FoundationGroup 4 ай бұрын

Under the right circumstances, yes. If it's a public charity 501c3, however, the combined number of related board members should ideally be less than 50%.