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What would that stabilization of insurance for nonprofits look like? Lower liabilityinsurance limits First, the community-based nonprofit sector generally must carry lower limits of liabilityinsurance. The answer is fourfold.
” (fundraisingIP.com 2023) Once you’ve completed your state filing, you must then submit IRS ‘Form 1023’ to be granted tax-exempt status. This will include money for payroll, benefits, payroll taxes and contract employees. The price of this insurance can vary depending upon the coverage plan chosen.
Some diversification is going to be required if your organization depends on grant funding because funders typically cap the amount of money that can go toward general operating expenses. Should you attempt to diversify by pursuing grant funding? Grant funding could be a good direction for your organization.
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