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Legal and Regulatory Requirements of Nonprofits and Social Enterprises -…
Legal and Regulatory Requirements of Nonprofits and Social Enterprises
Nonprofits
Laws and Regulation
Formally adopt a code of Ethics
Policies to address conflict of interest
Whistleblower policy
Preservation of data, documents, and business records
Plans to protect assets
Information available to the public
Comply with all applicable federal and state laws
Governance
Reviewing and Approving Mission
Meet Regularly
Establish own size and structure
Members with diverse backgrounds
2/3 of board should be independent
Board hires/oversees performance of CEO
CEO/Chair/Treasurer should be separate individuals
Board awareness of legal and ethical responsibilities
Board performance evaluations every 3 years
Establish clear policies and procedures on length of terms
Review organizational and governing instruments every 5 years
Board review of missions and goals
Board to serve without compensation
Social enterprise
Social mission above shareholder
Social Benefit Entities
Nonprofits
Hybrid
For Profits
Convertible to nonprofit
Fiduciary duty to shareholders
Require less explanation
Governance that support social mission
Risk managers will improperly balance mission and profit
Board of directors with common interests