Taking advantage of podcasts for nonprofit knowledge

Since my business plan includes starting up a nonprofit organization, I decided to dive into the iTunes Store to find some great podcasts on the subject. What I found was astonishing because I had no clue that this incredible resource was available. I found a wide variety of podcasts related to nonprofit organizations, but decided to focus on three that really got my attention. I especially enjoyed the following podcasts because not only did they provide general information about nonprofits, they also imparted wisdom on legal issues that arise in relation to nonprofits.

The first podcast is titled Nonprofit Law Podcast #2: Startup nonprofit. I have always been curious about whether it is critical to hire a lawyer when starting a nonprofit organization. Mr. Mooney (the author/speaker of the podcast) stressed that a lawyer is not always necessary, but getting a professional to help is a very useful tool. The key here is to find a lawyer that has training and experience in nonprofit laws. I also gathered a lot of helpful tips about obtaining nonprofit corporate status and tax-exempt status with the IRS. Mr. Mooney made it seem like gaining nonprofit status was fairly simple, while obtaining tax-exempt status was a much tougher area to accomplish. I need to be sure to factor that into my planning because nine to twelve months is a long time to wait for the approval from the IRS. People will not be able to give charitable contributions without this crucial step, so if I want to put on any fundraisers, gaining the tax-exempt status is a priority. Lastly, I know how important it is to have really great volunteers on your team, but it is of utmost importance to have great board members as well. They must be extremely committed and dedicated to the organization because I will be relying on them a lot, especially in the first year of running the nonprofit.

The second podcast is titled Nonprofit Law Podcast #4: Public disclosure rules. This podcast really showed me the way in regards to how nonprofits get taxed. I learned that nonprofits actually get preferential tax treatment, but there are also some disadvantages that come with the tax privileges. Nonprofits have to have their tax returns from the prior three years available in case someone requests this information. As a nonprofit, we would have to have these documents on hand at all times. After I gave it some thought, I realized it makes sense to give public disclosure of information because we are a public charity.

The third podcast is titled Nonprofit Law Podcast #5: The different flavors of nonprofits. I particularly enjoyed this podcast because it showed me the similarities and differences between a public charity and a private foundation. Both the public charity and the private foundation are tax exempt and have a legal form in each state. A public charity, aka 501(c)(3), has a lot of public support and donors get tax deductions. Some examples include the Red Cross and the American Cancer Society. A private foundation is pretty similar to a public charity, but they cannot show their public support. This means that they get their money from a limited source. An example of a private foundation would be the Bill and Melinda Gates Foundation. 

References:

Mooney, Tim (2007). Nonprofit Law Podcast #5: The different flavors of nonprofits. Nonprofit Law Podcast. Retrieved March 27, 2010 from

http://itunes.apple.com/us/podcast/nonprofit-law-podcast-5-the/id
25681383 2?i=92174163.

Mooney, Tim (2007). Nonprofit Law Podcast #4: Public disclosure rules. Nonprofit Law Podcast. Retrieved March 27, 2010 from
http://itunes.apple.com/us/podcast/nonprofit-law-podcast-4-public/id256813832?i=92174154.

Mooney, Tim (2007). Nonprofit Law Podcast #2: Startup nonprofit. Nonprofit Law Podcast. Retrieved March 27, 2010 from

http://itunes.apple.com/us/podcast/nonprofit-law-podcast-2 startup/id256813832? i=92174137.