BY SVIATLANA LIASHCHYNA
as seen in Issue-31 of a360inc's Compliance Newsletter
In the United States charitable organizations make significant contributions to society. According to the National Center for Charitable Statistics (NCCS), more than 1.5 million nonprofit organizations are registered in the U.S. This number includes public charities, private foundations, and other types of nonprofit organizations, including chambers of commerce, fraternal organizations, and civic leagues. These organizations operate on charitable contributions which are tax-exempt and are supervised by a board of directors. Serving as a board member for any of those organizations is a rewarding experience which entails many obligations stemming from the owed fiduciary duty to the nonprofit organizations to manage and preserve the organization’s charitable assets that serve the organization’s mission.
Before getting involved with a nonprofit organization, attorneys should consider the following:
Being involved and serving as a board member for a nonprofit organization is a rewarding experience that enriches one’s social experience and footprint. Although there is a lot to consider before committing to the responsibilities, attorneys should not let that discourage them from using their skills and experience to benefit the public.
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