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Non-Profit Basics

Florida Library Association & Stetson University College of Law Dolly & Homer Hand Law Library. Non-Profit Basics. What is Non-Profit?. Mission driven – not profit driven Unincorporated non-profit association Non-profit corporation or foundation Mission to serve the public

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Non-Profit Basics

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  1. Florida Library Association & Stetson University College of Law Dolly & Homer Hand Law Library Non-Profit Basics Professor Rebecca S. Trammell

  2. What is Non-Profit? • Mission driven – not profit driven • Unincorporated non-profit association • Non-profit corporation or foundation • Mission to serve the public • Incorporated in a state • Florida Statute – Fla. Stat. Ch. 617

  3. What Do You Need to Know? • What kind of organization do you have? • Look for documentation • Mission • Articles of Incorporation • Bylaws

  4. Non-Profit Corporation • Business focused on the public good • Legal entity • Incorporated under state law (varies by state) • Directors may not profit • Profits must stay in corporation • Corporate status protects against personal liability in most cases • Favorable tax status – Without such status • Profits taxed as corporate income • Donations are not tax deductible

  5. Non-Profit Incorporation - Florida • Create a governing board • File articles of incorporation • Draft Bylaws • Obtain tax-exempt status • Federal • State • Additional documentation • Annual reports • IRS compliance policies • Corporate record keeping

  6. In Florida • Consult an attorney • Florida Secretary of State website http://ccfcorp.dos.state.fl.us • Forms Fees • Help • Forming a non-profit in Florida http://www.citmedialaw.org/legal-guide/florida/forming-nonprofit-corporation-florida

  7. Other Topics in this Series • Non-Profit Basics • Tax Exempt Status • Donations & Fundraising • Non-Profit Board Members & Officers • Non-Profit Employees & Volunteers • Non-Profit Risk Management • Non-Profit Income & Records • Useful Non-Profit Resources

  8. Remember This presentation provides information, not legal advice. Always consult an attorney for legal advice.

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