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Ep. 14 - Differences Between Charities and Private Foundations
Manage episode 398313037 series 3494933
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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
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.
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