Annual Compliance

February 1, 2021 By Claudia Pollak, Esq.

Annual Compliance2021-02-16T17:22:43+00:00

Nonprofit Annual Compliance Lawyer
White Plains, NY

Charitable organizations must meet various requirements in order to maintain compliance with the multitude of laws and regulations that are applicable to their purposes and operations. Working with a Nonprofit Annual compliance lawyer will help to ensure your filings are accurate and stress-free.

Books and Records

Public charities are required to maintain detailed books and records to document their compliance with the applicable tax and nonprofit laws and regulations. This requires nonprofits to maintain a “minute book” which includes a copy of the company’s Certificate of Incorporation, bylaws, IRS Determination Letter, and all of the minutes of the meetings held by the company’s members and board of directors. In addition, nonprofits must track the sources of their revenue, including the names of donors and the amounts of their contributions, as well as maintaining detailed records of the organization’s expenses. This information is reported on the informational tax return (Form 990 or Form 990-EZ) that is filed with the IRS each year. If an organization has employees, employment tax records must be retained for a minimum period of four years after filing the fourth quarter for the year.

Open a Bank Account

Once the nonprofit is formed and has obtained its Employer Identification Number from the IRS, the officers should immediately proceed to open a bank account in the name of the nonprofit. It is critical that the organization’s funds be maintained in a separate account from any personal accounts, and to diligently maintain books and records showing all company expenditures. To open a bank account, the board of directors will approve a resolution at the organizational meeting authorizing the respective officers to open the account. The officer opening the account should bring the Employer Identification Number and a copy of the Certificate of Incorporation to the bank. They will require the officers to indicate the date that the board of directors approved the resolution to open the account.

Track and Substantiate Donations

Charitable organizations are required to maintain records of their donors and the amounts donated, which may be reported on the annual IRS information tax return, depending on the size of the organization and the donation. In turn, donors are required to receive written communication from the charitable organization as a record of the contribution. Donors claiming a deduction of $250 or more are required to obtain a written acknowledgment for a charitable contribution from the nonprofit no later than the date the donor files the return for the year the contribution is made. In addition, a charitable organization must provide a written disclosure statement to donors of a quid pro quo contribution in excess of $75. This is a payment made to a charitable foundation by someone who is both contributing to the organization and also obtaining something of value in exchange for the contribution, such as a ticket for a fundraising gala. The charity will disclose the value of the event ticket, and state that the remainder is the amount that is considered a tax-deductible contribution. The substantiation letter should provide an estimate of the value of the goods or services that the donor received. This is not required if the goods and services provided to a donor are of insubstantial value.

Annual Compliance Actions

Each year tax-exempt organizations are responsible for filing the IRS form 990, 990-EZ, or 990-N, depending on the amount of revenue and size of the company’s assets. This form is due within five months of the end of the organization’s fiscal year. In addition, charitable organizations must file the CHAR500 each year with the New York Attorney General’s Charities Bureau. Lastly, the company should hold an annual meeting of the members and the board of directors to approve certain actions each year. These include electing the board, appointing the officers, approving the financial statements, adopting the budget, appointing the auditor, approving executive compensation, and other pertinent actions.

If you run a tax-exempt organization and are looking for guidance with your Annual Compliance Filings, contact with a Nonprofit Annual Compliance Lawyer today.

Nonprofit Annual Compliance Lawyer White Plains New York
westchester county employment lawyer

Claudia Pollak

Claudia Pollak, Esq. is an experienced Westchester and NYC-based employment lawyer representing employees facing discrimination, retaliation or wrongful termination because of their race, disability, pregnancy, sexual orientation, gender, or other protected characteristic. She also advises on executive severance agreements and restrictive covenants. Call her at 914-LAW-9111 (914-529-9111) for a free consultation.

Employment Discrimination

Employment Discrimination

Employees in Westchester County and other parts of New York state are protected from discrimination in employment based on a number of personal characteristics.

Learn More

Sexual Harassment

Sexual Harassment

Sexual harassment at the workplace has always existed, but the #metoo movement has brought this ugly secret out into the glaring light of day.

Learn More

Disability Discrimination

Disability Discrimination

Being disabled can impact individuals in several important ways. For a great many Americans, however, it does not prevent them from working.

Learn More

Breach of Executive Employment Agreement

Breach of Executive Employment Agreement

Despite the existence of an enforceable contract, employers sometimes terminate an executive’s employment before the end of term, and in violation of the employment agreement.

Learn More

Gender Discrimination

Gender Discrimination

There are many types of gender discrimination occurring in the workplace, including discrimination based on sexual orientation, pregnancy, or transgender or non-binary status.

Learn More

Hostile Work Environment

Hostile Work Environment

Some of our most vulnerable populations are experiencing increasingly stressful employment situations. In fact, many workers in America (up to 1 in 5) feel they work in a hostile or abusive work environment.

Learn More

Racial Discrimination

Racial Discrimination

While many businesses have openly acknowledged the problems of discrimination and inequity facing black workers in America as a result of the Black Lives Matter movement, racial discrimination still regularly occurs in the workplace.

Learn More

Severance Agreements

Severance Agreements

Whether your position is being eliminated in corporate downsizing, or you are getting laid off or fired for another reason, at some point in your life you may find yourself reviewing a severance agreement.

Learn More

Pregnancy Discrimination

Pregnancy Discrimination

The last thing you need when you’re starting a family – or growing one – is financial uncertainty or the stress and anxiety that comes from becoming the target of discriminatory treatment at work because of your pregnancy.

Learn More

New York Equal Pay Law

New York Equal Pay Law

New York Labor Law §194, requires that employees of a particular establishment be paid a wage that is equivalent to the wages paid to employees of the opposite sex, or of a different race or sexual orientation, or who are members of any other class of employees.

Learn More

GLOWING CLIENT REVIEWS

She puts the needs of her clients first.

Amanda Moody

Very knowledgeable lawyer. Very commendable.

Thomas Sauer

I connected with Claudia for assistance negotiating an employment agreement. Claudia was very responsive right from the start. Once we agreed to move forward, she worked over a weekend and we had calls on a Saturday and Sunday to be in a position to respond by Monday. Her detailed and thoughtful review was extremely valuable to me. She explained all of her rationale and provided me with a detailed response which I used. I am so glad I worked with Claudia and would highly recommend her services!

Salvatore Sama

I wish I could give her a million stars.

Lisa Smith

 

 

 

 

 

 

Its hard to find an attorney who cares about their clients. Well I did Her name is Claudia Pollack she was very fair with me. She provided the service I have never have gotten from any attorney. She is knowledgeable about the law and she explained to me every step of the way what she was doing and why. She had patient’s with me, pretty much held my hand and explained all my options.When Claudia says she is going to do something she does. Her communication level was super.Claudia whordked hard and fast and got the job done.Having hired Claudi I was able the have a lot less stress and most of all slept very well at night knowing that she was on my side

Steven Katz

I consider myself fortunate to have been introduced to Claudia, who performed flawlessly on my behalf in extremely difficult and trying conditions. As a senior level executive, my expectations for professionalism and service delivery are high and I can honestly say that Claudia went far above and beyond my expectations to represent my best interests. She is tenacious and fights for her clients rather than pursuing the path of least resistance. Her case preparation was extremely thorough and diligent. When combined with her experience and high level of competence in employment law, she is a formidable adversary to any employer, large or small, who exercises digressions in employment tactics. It is without reservation that I recommend Claudia’s services to handle any employment matter, large or small, that requires legal finesse.

Richard Hayes

TESTIMONIALS

Smart, knowledgeable and accessible. Claudia has expertly represented me since 2014 with several successful contracts negotiations.
Very knowledgable lawyer, very commendable.
She puts the needs of her clients first.
I wish I could give her a million stars.

LATEST NEWS & EVENTS

Contact Claudia for a Free Consultation!

Please contact us online for a free consultation.
Book a Free Consultation
Go to Top