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Day: November 8, 2023
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Top Reasons to Form an Audit Committee for Your Nonprofit
Financial reporting can be a massive challenge for most nonprofit organizations. After all, most nonprofit boards comprise volunteers and contractual employees with little to no experience in financial management. Setting up an audit committee composed of financial experts will help ensure financial transparency and accountability in your organization. This post explains why your nonprofit board…
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Top Reasons to Form an Audit Committee for Your Nonprofit
Homeowners associations (HOAs) are non-profit organizations. However, being a non-profit organization does not make a homeowners association tax-exempt. Under federal tax laws, HOAs must file tax returns annually as any other registered corporation would. HOAs collect fees from community members and follow a business-like structure. However, there are various circumstances in which an HOA might…