5 Nonprofit Myths You Need To Leave in 2018
Do you remember getting in trouble for telling a “little white lie” while growing up? Well, a few white lies and myths are floating around regarding nonprofit organizations that we want to do away with, starting today. Here are five nonprofit myths you need to leave in 2018.
5 Nonprofit Myths You Need To Leave in 2018
1) Form 990 only has to be filed every 3 years
2) My organization used all our donations for the year and has no money left. There is no way we can be penalized for failing to file
3) Nonprofits only report substantial contributions on IRS Form 990
4) All small nonprofits can file Form 990-N
Private foundations must file a Form 990-PF regardless of their size or gross receipts. To learn more about IRS Form 990-PF, click here.
5) Nonprofits focus on big donors, not small ones
Lies, lies, and more lies. Nonprofit organizations are thankful for any donation they receive! As a nonprofit leader, you know how hard it is to muster up funds to adequately impact your community.
Although large donors are great and help sustain the work of your organization, be sure to also focus on those that make smaller donations to keep a good “cushion” of donors.
The Truth Sets You Free
As you lead your organization into the second half of 2018 leave these nonprofit myths behind and walk in truth. Don’t forget to keep detailed financial records and documents so you can be prepared to file your organization’s Form 990 at the end of your tax year.
