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What Are 7 Common Nonprofit Startup Costs?

GrantNews

A lawyer can help you draft your ‘articles of incorporation,’ as well as help you with your application to the IRS. This will include money for payroll, benefits, payroll taxes and contract employees. This plan includes general liability insurance, commercial property insurance and business income insurance.

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Financial Audits for Small Nonprofits By: Kellie Brungard, GPC

Assel Grant Services

Disclaimer of Opinion – This type of report shows a company is not compliant with GAAP guidelines and portrays gross misstatements on its assets and liabilities. Audit findings are commonly addressed in grant applications; having a plan in place will streamline this and articulate the actions taken to potential funders.

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Statement of Activities (SOA): A Nonprofit’s Income Statement Equivalent

Blackbaud

Contract Services: Expenses related to payments for services provided by contractors who are not on the regular payroll. Additionally, many grant applications and reports require audited financial statements, including the SOA. 401(k) contributions, payroll taxes, paid time off, workers’ compensation, etc.).

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Does Revenue Diversification Actually Work for Nonprofits?

Peak Proposals

Fundraising activities and events must comply with local laws and carry adequate liability insurance. Companies can also provide direct funding to organizations that have been nominated by their board members, employees, or through a formal application process similar to what foundations traditionally use.

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5 Legal Issues For NPOs Using ChatGPT

The NonProfit Times

AI systems rely on vast amounts of data to train and improve their algorithms, and nonprofit leaders must ensure that the data they collect is used in accordance with applicable federal, state, and international privacy laws and regulations. Tort Liability. One of the primary legal issues associated with the use of AI is data privacy.

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