Nonprofit Myths: #8 - File Taxes?
MYTH: I didn’t apply to IRS for 501(c) (3) tax-exempt status, so I don’t have to file Federal annual nonprofit tax returns.
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Nonprofit Myths: #7 - Family Members on the Board
MYTH: For my new nonprofit, I will put all family members on the board of directors, and we will control the organization.
Nonprofit Myths: #6 - No Profit for Nonprofits?
MYTH: Nonprofits are not allowed to make a profit from their activities.
Nonprofit Myths: #5 - Change to Nonprofit?
MYTH: I am going to convert my for-profit business to a nonprofit business.
Nonprofit Myths: #4 - Overhead
MYTH: If we’re running our nonprofit efficiently, our overhead and administrative costs should be small.