Читать книгу Achieving Excellence in Fundraising - Группа авторов - Страница 57

Pursuant to state law, charitable organizations may be unincorporated associations, nonprofit corporations, charitable trusts, or other forms such as limited liability corporations. Governance structure is determined under state law by articles of association, constitution, or bylaws; trust instruments and governing statutes; or articles of incorporation and bylaws for nonprofit corporations (Fishman, Schwarz, and Mayer 2015). Nonprofit corporations are the most popular governance structure since they offer a valuable balance of liability limitation for directors and effective governance.

Once organized under state law, a charitable organization usually seeks qualification for tax exemption by the IRS as a public charity (for public or mutual benefit) or as a private foundation. For more detailed information, see IRS Form 1023 or 1023 EZ (Application for Recognition of Exemption under 501(c)(3)) or IRS Form 1024 (Application for Recognition of Exemption under 501(a)) and accompanying instructions. Also see IRS Publication 557, Tax Exempt Status for Your Organization.

The board of directors or trustees is responsible for the oversight of a nonprofit corporation, including the assurance of fundraising excellence. State law imposes three primary legal duties on nonprofit corporation boards of directors: prudent care, obedience, and loyalty.