Common Terms Used in the Nonprofit World Term Simple Meaning 501(c)(3) A tax-exempt status for nonprofits with religious, educational, or charitable purposes. Annual Report A summary of the nonprofit's activities, accomplishments, and financial status for the year. Articles of Incorporation A legal document filed to officially create a nonprofit organization. Attorney General A state official who oversees nonprofit compliance and investigates fraud or misconduct. Audit A formal review of...

Running a nonprofit organization involves a variety of costs, even when it is managed by volunteers. These costs vary depending on the size, location, and scope of the organization’s activities. Below is an overview of the typical expenses incurred annually by nonprofits, with an emphasis on realistic price ranges. We’ve even provided a Comprehensive Cost List at the bottom (skip there now!).   We estimate that on average the annual cost of running a compliant, small, volunteer-driven...

I. Introduction Maintaining transparency, accountability, and ethical conduct is paramount for all nonprofit organizations. One crucial aspect is the implementation of robust conflict of interest policies and the regular collection of annual conflict of interest forms. In this article we delve into the top 10 reasons why having a conflict of interest policy and collecting annual forms is essential for the success and reputation of nonprofit organizations. This article also serves as a...