$990 FOR THE TEN POLICIES ON FORM 990
Every year, Iowa nonprofits must complete and file IRS Form 990, essentially the “tax return” for nonprofits. The “long version” of Form 990 expressly refers to ten (10) policies, briefly discussed below. While the IRS says it doesn’t require nonprofits to adopt these ten policies, the IRS is clearly signaling what it considers to be “best practices.”
All Iowa nonprofits should adopt (or revise and update) these critically important policies.
I provide Iowa nonprofits with the ten documents for the flat fee of $990 (nine hundred and ninety dollars). The flat fee of $990 includes as many conferences with me as you deem reasonably necessary.
The ten policies which appear on IRS Form 990 include (in alphabetical order):
- Compensation — formalizes the process of determining compensation that is reasonable and not excessive, while also rewarding enough to attract and retain the best possible management and staff
- Conflict of Interest — assists the organization in avoiding financial or other material benefits flowing to individuals in positions of authority in the nonprofit, and protects it against charges of impropriety involving officers, directors, employees, volunteers, and other stakeholders
- Document Retention and Destruction — defines what types of documents should be retained, duration of storage, and how documents should be filed/stored for tax, business, and other regulatory purposes
- Fiscal — specifically addresses guidelines for making financial decisions, reporting the financial status of the organization, managing funds, and developing financial goals. This policy should also outline the budgeting process, reporting on investments, what accounts may be maintained by the nonprofit, and when scheduled auditing will take place
- Form 990 Review — governs the process for distributing IRS Form 990 to the Board of Directors for review and approval, and identifies any areas that need particular scrutiny
- Fundraising — guides compliance with local, state, and federal laws, and defines the organization’s own fundraising criteria
- Gift Acceptance — evaluates non-cash gifts, such as identifying non-cash gifts which could and should be accepted and under what circumstances, and offers guidance on how to decline gifts with liabilities and obligations the organization is not able to sufficiently manage
- Investment — determines accountability for investment decisions, offers guidance on growing and protecting investments, and governs overall financial management decisions
- Public Disclosure — establishes which organizational documents (other than those required by law) will be made publicly available
- Whistleblower — sets a formal process for grievances (including protection) to encourage sound and swift responses to complaints, and to protect the organization from knowingly (or unknowingly) violating state and/or federal laws
I have a longer discussion of these ten policies here.
Again, I’ll draft these ten policies for Iowa nonprofits for a flat fee of $990.
Of course, I must always reserve the right to decline representation of any person or entity, for any reason (or even no reason).
If your favorite Iowa nonprofit wants to talk about this super special sale, please email me:
I look forward to hearing from you. Thank you.
FOR IOWA NONPROFITS, THE TEN (10) POLICIES WHICH APPEAR ON IRS FORM 990 FOR ONLY $990