State Law Limitations on Nonprofit Activities
• Meaning of Term "Nonprofit”
• Dueling Authorities: State Law vs. Bylaws
Fiduciary Responsibilities
• Standard Applied by Courts
• Duty of Care
• Duty of Loyalty
IRS Restrictions on Nonprofit Activities
• Categories of Exemption
• Meaning of Term "Tax Exempt"
• Definition of Taxable Income
• Maintaining your 501(c)(3) status
Contract Law
• What Constitutes a Binding Contract
• Enforceability of Contracts
• Clause to Watch for