To protect the organization, demonstrate openness and support the greater good, your not-for-profit needs to embrace accountability. Doing so will also help you fulfill your fiduciary responsibilities to donors, constituents and the public.
Fairness and Clarity
Accountability starts by complying with all applicable laws and rules. As you carry out your organization’s initiatives, do so
Whether you’re planning to raise funds for your not-for-profit with a simple bingo game or raffle, or with a more elaborate casino night, you need to understand and follow the federal rules that govern these kinds of activities. Gaming activities can open the door to unexpected taxes and trigger requirements for specific IRS filings.
Filings
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, this week’s guest host, and I’m here with Annjeanette Yglesias, one of our Tax Managers on our not-for-profit team. Annjeanette, welcome to the Playbook.
Annjeanette: Thanks, Jenn; it’s nice to be here.
Jen: So, as a tax advisor, you often work with non-profits