Welcome to your daily briefing on nonprofit developments in Maine. Today we're covering 8 key stories including updates on maine nonprofit headlines, background & context. Let's dive in.
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This guide helps you to know more about how to start a nonprofit corporation in Maine, obtaining tax-exempt status, and ME annual report requirements.
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Here are links to recent grants from MaineCF's competitive grant programs. Andhere is a linkto news coverage of MaineCF grants.
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Southern Maine Planning and Development Commission.
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Candid insights offers nonprofits and funders the big picture of the social sector, backed by data and expertise. Stay in-the-know and read the latest blog articles.
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3 stories
Form 990 is required to be made public by the filing organization on request and is indexed by ProPublica and others within weeks of filing. Sections most boards underestimate: Schedule J (top-staff compensation), Schedule L (transactions with interested persons), and Schedule O (narrative explanations that "soften" other answers). Donors and reporters read these.
Items that read fine in management's narrative often read very differently in print. Pre-filing review by a non-finance board member catches optics issues that a CFO will not.
The IRS-recommended COI policy requires (1) annual disclosure by all directors and key employees, (2) a process for review of any disclosed conflict, (3) recusal procedures, and (4) documentation in board minutes. Policies that have only the disclosure form without the review and recusal process do not satisfy the recommendation.
A weak COI policy is a Schedule L disclosure waiting to happen, and Schedule L disclosures correlate with future IRS examination selection.
Unrelated business income tax applies when an activity is regularly carried on, is a trade or business, and is not substantially related to the exempt purpose. Common surprises: corporate-sponsored events with naming rights that look like advertising, affinity credit-card royalties that include co-marketing services, and gift-shop sales of items unrelated to the mission.
UBIT exposure can cost both tax and exempt status if the unrelated business becomes substantial. The line between sponsorship (excluded) and advertising (included) is narrow and case-specific.
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