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Nonprofit Organizations: Is It Time to Update the Bylaws?
Together with the corporate charter on file with any nonprofit organization’s home state, the bylaws comprise the nonprofit organization’s key legal documents and a roadmap for how a particular organization will function. In particular, the nonprofit organization’s bylaws regulate critical matters including, without limitation, the charitable purpose(s) of the organization, the size and function of the governing body as well as the election, terms and duties of the organization’s directors and officers. A nonprofit organization’s bylaws must also include language affirming requirements and prohibitions for nonprofit 501(c)(3) organizations as set forth by the Internal Revenue Service (“IRS”). As a nonprofit organization grows or modifies its purpose, its bylaws should be amended and updated to reflect the changes. Nonprofit Bylaws Alert Read More