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The Basics

Managing the Process

Managing the Money

Managing Assets

Managing People

Nonprofit FAQ

Resources

Glossary

Sponsors & Contact Us

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Managing Assets I

  • Vehicles, Owned, Donated, Rented, Borrowed, or Leased
  • Real Property, Land, Buildings, Leases, Rentals
  • Personal Property Including Equipment
  • Tangibles (Stocks and Investments)
  • Insurance for Vehicles and Assets, Liability, Business, Directors & Officers
  • Fiduciary duties-Board, officers, employees
  • Duties of Secretary for record keeping and document retention

When forming a corporation, there are basic details that must be taken care of or decided upon before the nonprofit opens for business. You will want to have rules and procedures ready to deal with items such as how you will handle assets (vehicles or property owned), insurance for property, liability and board and what the Secretary is responsible for (record and document keeping). Information on these subjects are below.

Vehicles, Owned, Donated, Rented, Borrowed or Leased

  • Keep written records of all vehicles titled to the nonprofit.
  • Keep written insurance records of all vehicles titled to the nonprofit.
  • Establish a set of rules for maintaining all vehicles and for supervising the use of all vehicles.

http://www.irs.gov/newsroom/article/0,,id=124191,00.html

http://www.canonprofits.org/risk/articles/Non-OwnedAutomobileCoverage.html

http://www.nonprofitrisk.org/ws/c6/transport.htm

Real Property, Land, Buildings, Leases, Rentals

  • Keep written records of all property owned, leased or rented by the nonprofit.
  • Keep written insurance records of property owned, leased or rented by the nonprofit.
  • Establish a set of rules for maintaining all property owned, leased or rented by the nonprofit.

http://www.nonprofitcenters.org/resources/doc/Rowland_NonprofitArticle.pdf

http://www.asae-aon.com/risk_management/exposures_detail.jsp

Personal Property Including Equipment

  • Keep written records of all personal property owned, leased or rented by the nonprofit.
  • Keep written insurance records of all personal property owned, leased or rented by the nonprofit.
  • Establish a protocol to maintain all personal property owned, leased or rented by the nonprofit.

http://tax.ohio.gov/divisions/legal/rules/final/5703_03/index.stm

http://www.asae-aon.com/risk_management/exposures_detail.jsp

Tangibles (Stocks and Investments)

  • Keep a written record of all stocks and investments purchase by the nonprofit.

http://www.nonprofitrisk.org/nwsltr/archive/internalcontrol01222003-w.htm

http://www.amsolutions.net/amsreport.php?reportid=7&articleid=41

Insurance for Vehicles and Assets, Liability, Business, Directors & Officers

  • Purchase insurance for all vehicles titled to the nonprofit as directed by the nonprofit board.
  • Purchase insurance for all real and personal property owned and leased/rented by the nonprofit as directed by the nonprofit board.
  • Purchase insurance liability and business insurance as directed by the nonprofit board.
  • Purchase errors and omissions insurance for the board and all officers.

http://www.managementhelp.org/insurnce/insurnce.htm

http://www.guidestar.org/news/features/npo_insurance.jsp

Fiduciary duties-Board, officers, employees

  • The Non-Profit Corporation Law, Ohio Revised Code Sections 1702.01-1702.59, 1702.99, governs nonprofits.
  • There is a duty to act in good faith and in a manner reasonably believed to be in the best interests of the nonprofit.
  • Board members, officers and employees are not protected from liability resulting from intentional reckless, unlawful or harmful behavior.

http://www.ctnonprofits.org/Pages/NonProfitResources/BoardBuilderOct2003.asp

Duties of Secretary for record keeping and document retention

  • Keep correct and complete written records of the minutes (notes taken during meetings) of the actions of the nonprofit.
  • Keep correct and complete written records of all documents and communication regarding the nonprofit.
  • Create a record in the minutes authorizing the nonprofit to own, rent, borrow or lease a vehicle or to accept a donated vehicle.
  • Create a record in the minutes authorizing the nonprofit to purchase and/or lease or rent all real and personal property and investments.
  • Create and maintain an inventory of all real and personal property owned and or leased or rented by the nonprofit.

Nonprofit laws are listed in: Index of Chapter 1702 Ohio Revised Code, Nonprofit Corporation Law http://onlinedocs.andersonpublishing.com/oh/lpExt.dll/PORC/da2c/dcc4?f=templates&fn=documentframe.htm&2.0#JD_1702.

http://www.managementhelp.org/boards/brdjobs.htm#anchor334561

http://www.nonprofits.org/if/idealist/en/FAQ/QuestionViewer/default?categoryid=46&item=82&section=19&sid=38691952-13-pFHOi

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