Nonprofit organizations with gross receipts of less than $1M are required to file a Form 990 with the IRS annually. Imagine being a board member of nonprofit and finding out that the volunteer serving as treasurer of the organization didn’t file a 990 for three consecutive tax years and consequently the organization is faced with paying penalties and federal income taxes, not to mention filing all the paperwork again to regain tax exempt status. Does this really happen? Yes it does.
RPN is focused on advancing rural communities by focusing on entrepreneurship, placemaking, regional food systems, leadership, engagement, and retainting and attracting people.
Active in all 93 counties and at ruralprosperityne.unl.edu
Rural communities are supported by numerous nonprofits organized to manage local projects and events. It’s these projects that that make Nebraska the good life. Come fall nonprofits prepare for a new year by recruiting new members.
While willing to serve in new leadership roles, many folks come onto boards with no familiarity or knowledge of how nonprofit organizations function let alone the legal requirements. Since rules and regulations governing nonprofits change, it’s important to update seasoned board members, too.