Best Practices in Financial Management for Nonprofits
[Pages:30]Pro Bono Partnership of Atlanta 999 Peachtree Street NE Atlanta, GA 30309-3996 (404) 407-5088 info@
Best Practices in Financial Management for Nonprofits
Presented By:
Wendy H. Stewart Bank of America Rachel Epps Spears Pro Bono Partnership of Atlanta
July 21, 2010
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Pro Bono Partnership of Atlanta 999 Peachtree Street NE Atlanta, GA 30309-3996 (404) 407-5088 info@
Mission of Pro Bono Partnership of Atlanta:
To provide free legal assistance to communitybased nonprofits that serve low-income or
disadvantaged individuals. We match eligible organizations with volunteer lawyers from the leading corporations and law firms in Atlanta who can assist nonprofits with their business
law matters.
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Pro Bono Partnership of Atlanta 999 Peachtree Street NE Atlanta, GA 30309-3996 (404) 407-5088 info@
Pro Bono Partnership of Atlanta Eligibility & Other Information
? In order to be a client of Pro Bono Partnership of Atlanta, an organization must: ? Be a 501(c)(3) nonprofit organization. ? Be located in or serve the greater Atlanta area. ? Serve low-income or disadvantaged individuals. ? Be unable to afford legal services.
? Visit us on the web at
? Host free monthly webinars on legal topics for nonprofits
To view upcoming webinars or workshops, visit the Workshops Page on our website
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CASE STUDY 1
Pro Bono Partnership of Atlanta 999 Peachtree Street NE Atlanta, GA 30309-3996 (404) 407-5088 info@
SALLY SMITH'S DAYCARE
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Pro Bono Partnership of Atlanta 999 Peachtree Street NE Atlanta, GA 30309-3996 (404) 407-5088 info@
ISSUES
Board is not active and independent
Mixing personal and business resources
No budget and no bookkeeping
No insurance
No registration for charitable solicitations
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Pro Bono Partnership of Atlanta 999 Peachtree Street NE Atlanta, GA 30309-3996 (404) 407-5088 info@
BOARD'S FUNCTIONS IN NONPROFIT'S FINANCIAL MANAGEMENT
? Established and active board
? Independent board
? Board's responsibilities
o Safeguard assets and ensure funds used properly o Donations and investments o Review of financial and tax documentation
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Pro Bono Partnership of Atlanta 999 Peachtree Street NE Atlanta, GA 30309-3996 (404) 407-5088 info@
MIXING PERSONAL AND BUSINESS RESOURCES
Leads to problems with:
? IRS
? Accounting
? Business assessment
? Funding
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Pro Bono Partnership of Atlanta 999 Peachtree Street NE Atlanta, GA 30309-3996 (404) 407-5088 info@
DONATIONS/GA CHARITABLE SOLICITATIONS ACT REQUIREMENTS
? Registration with the GA Secretary of State
? Initial filing fee of $35 and a C100 application
? Valid for 24 months (this is new)
? Must be renewed; must submit financial statements and a $20 renewal fee
? Audited financial statements if the nonprofit received or collected more than $1,000,000 in either of its 2 preceding fiscal years
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