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Ep. 14 - Differences Between Charities and Private Foundations

Ep. 14 - Differences Between Charities and Private Foundations

FromNonprofit Counsel Podcast


Ep. 14 - Differences Between Charities and Private Foundations

FromNonprofit Counsel Podcast

ratings:
Length:
35 minutes
Released:
Jan 30, 2024
Format:
Podcast episode

Description

Are you familiar with the distinctions between a public charity and a private foundation? Is fundraising permissible in states where you lack registration? When is the appropriate time to utilize a 1023 EZ Form? Danika Mendrygal, CEO and founder of Mendrygal Law firm in Dallas, Texas, joins May Harris, Esq., MA in this episode of the Nonprofit Counsel Podcast, to explore these and other critical questions that often elude nonprofit organizations and may lead them into complications. Grab a pen and paper to absorb valuable insights – don’t miss this episode.    IN THIS EPISODE:   [1:28] Danika explains how she started her firm and began advising nonprofits [6:27] Discussion surrounding nonprofits moving from one state to another and the ramifications of fundraising in states other than where registered [15:00] Danika outlines the differences between private foundations and public charities and the use of the 1023 EZ Form [20:45] Discussion of the IRS, completing forms properly and audits [23:00] Danika advises new foundations that are less than three years old [31:15] Danika leaves the listener with a suggestion of getting a CPA first and foremost and getting an education from the IRS website   KEY TAKEAWAYS:    [9:32] All states have different laws governing non-profits. When a nonprofit operates nationwide, the law firm you engage must have experts navigating those laws.  [10:18] Nonprofits should analyze where they are fundraising and transacting business because they are subjecting themselves to jurisdiction in that state.  [15:18] There is a big difference between a public charity and a private foundation, and 501c3 needs to be aware of those differences as they begin to organize.   RESOURCES: For Profit Law Group - Website Nonprofit Counsel - Website Nonprofit Counsel - Instagram Nonprofit Counsel - Linkedin Mendrygal Law - Website Danika Mendrygal - LinkedIn   ABOUT THE HOST: May Harris has been a pioneer of nonprofit law practice for over a decade, having founded For Purpose Law Group in April 2012. She serves the nation's nonprofit sector with unparalleled expertise, prioritizing her client's missions, visions, and values. She specializes in nonprofit & tax-exempt organizations, social enterprise & business law, and estate planning & charitable giving.   GUEST BIOGRAPHY: Danika Mendrygall Danika Mendrygall founded Mendrygal Law to build a law firm devoted exclusively to serving nonprofit and tax-exempt clients. Danika guides clients through the many complexities of establishing, growing and managing a tax-exempt organization. She provides counsel, advice and representation in taxation, corporate governance and compliance issues.   Before launching Mendrygal Law in 2015, Danika spent 12 years at a nationally recognized firm. This big firm background elevates her practice, allowing Danika to handle the most sophisticated matters for clients. Nonprofit organizations are subject to a highly complex series of regulations and requirements that impact all areas of operation. Danika has the detailed knowledge needed to put all the pieces together and meet the full range of legal, tax and compliance needs of her clients.  
Released:
Jan 30, 2024
Format:
Podcast episode

Titles in the series (22)

Welcome to the Nonprofit Counsel Podcast, your go-to source for expert insights and practical advice on all things related to starting and leading a nonprofit organization. If you're looking to start your own nonprofit organization, gain tax-exempt status, manage your board, communicate your purpose or fundraise for your cause, this podcast is the perfect resource for you. Hosted by May Harris, Esq., MA, founder of FPLG and an experienced nonprofit professional, each episode of the Nonprofit Counsel Podcast offers valuable tips, tools, and strategies to help you navigate the complex world of nonprofit management. May's deep knowledge and expertise in nonprofit law, financial management, and consulting make her the ideal guide for anyone looking to be involved with a successful nonprofit organization. So, whether you're a seasoned nonprofit leader or just starting out, join us on the Nonprofit Counsel Podcast and discover how to shortcut the learning curve and achieve your nonprofit goals. We've got you covered. Subscribe now and start making a difference in your community today! “The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well.’ These words frame my work, and they define my actions." -Ralph Waldo Emerson About the Host: May Harris has been a pioneer of nonprofit law practice for over a decade, having founded For Purpose Law Group in April 2012. She serves the nation's nonprofit sector with unparalleled expertise, prioritizing her clients missions, visions, and values. She specializes in nonprofit & tax exempt organizations, social enterprise & business law, and estate planning & charitable giving. May received her undergraduate degree from the University of Utah, before pursuing and obtaining her Juris Doctor from the University of San Diego in 2000. She practiced intellectual property law for a large biotech company for several years before a fateful flyer came home in her son's lunchbox. His school was looking for parents who were licensed attorneys and could form a nonprofit on their behalf. May agreed to form the organization, and then found herself serving as director of its board. With her legal expertise and newfound knowledge on nonprofit law, she realized the nonprofit sector was severely underserved in legal representation. She decided to fix this. She returned to school, earning her Masters of Nonprofit Leadership and Management from the University of San Diego. With this education, she, along with some of her fellow graduates, founded For Purpose Law Group (FPLG). In the subsequent decade, May has molded FPLG into the “go-to” law firm for nonprofits in Southern California. The firm is constantly expanding its locations and service areas, with the ability to assist organizations across the United States. LinkedIn- https://www.linkedin.com/company/nonprofit-counsel/ Instagram -https://www.instagram.com/nonprofitcounsel/ https://www.nonprofitcounsel.com https://www.fplglaw.com