Another 501 (c) 3 question -- conflict of interest

Indeed you are.


Done.

We also had many CEOs of banks and finance companies that didn't know what they were doing, and it hurt the whole world economy. They "played" with trillions of dollars that they gambled with, and we all "lost."

A little knowledge can be dangerous.

sullyfish, Just goes to show that all or most of your board of directors are also misinformed. Not surprising; when I worked or volunteered for nonprofit organizations, I had to train boards of their fiduciary responsibilities. They volunteered mostly because the nonprofits does good works for the community, and many managers and well-heeled peopled volunteered onto the boards. Most know close to nothing about nonprofit requirements, rules and regulations, and that responsibility falls on the organizations director and management staff.

One more thought; I'm not sure why sullyfish posted all the forms of nonprofits under the IRS code, because the title of this thread is "Another 501(c)3 question - - conflict of interest."

(We were approved! We're now officially a non-profit organization. Woo!)

Congratulations.
When you grow and revenues reach over $25,000, Joe From Chicago can help you fill out your Form 990.

I would advise against that.

Everyone should be aware that the IRS has a couple of excellent plain-language publications, which are free, covering nonprofits. One is on getting and keeping your exemption, and I think it is Pub. 557. The other one, which is important, is on the unrelated business income of exempts. If you don't follow the rules, there could be a lot of tax. See www.irs.gov, where you can order or print these out. Pub. 557 might be a bit too long to print out. Following 557, it is easy to get your 501c3 status.