It is important to have all of the required essential policies for nonprofit organizations in place from the very beginning.
Every organization has their must have legal documents, but does your organization have the Essentials?
As you are either setting up your nonprofit organization, or running a multi-million dollar nonprofit one thing rings true, the business needs never end.
Most organization especially nonprofits, are simply just trying to survive. Remembering and finding time to establish current policies can simply be an impossibility.
From trying to gather up the needed financial support, finding support staff, volunteers, donations, special events, fundraisers, the daily tasks never end and only increase with time.
It is not until we get notified of an IRS audit or get involved with an insurance liability claim, that we finally stop and revisit all of the items we forgot to finish.
If, or shall we say when your nonprofit organization, is selected for an Internal Revenue Service (IRS) audit will you be prepared for success? IRS audits happen to most businesses and nonprofit organisations. They are usually the result of a specific triggering event such as payroll issues, or the unlucky result of your nonprofit being randomly selected out of a hat.
Regardless of what triggered the IRS audit, no one is prepared for such an inspection and the audits only add to the stress and extra time required to satisfy the auditor request.
If your nonprofit is involved in an IRS audit and you have done your best to stay above board, I would not stress over the audit. Most auditors are simply trying to correct an honest mistake they found, and will use it as learning experience. Having the essential policies for nonprofit organizations in place ahead of time, will only help further protect you and reduce unwanted stress. Do your best to be prepared now, for the day when the IRS come knocking on your door.
As your nonprofit grows, there will be additional insurance coverage for nonprofits that you will want to add if you didn’t purchase them on day one.
Most nonprofit organizations, purchase the bare minimum when they first open their doors. They are quick to inform their nonprofit insurance agent, they will purchase the rest at a later time. We have found that the majority of nonprofits, never revisit their insurance coverage until after their first claim.
It is only after their first claim, they discover how little insurance coverage for nonprofits they have, when the insurance company issues out a denial of coverage.
The list of coverages can seem endless and expensive. The good news is many nonprofit insurance companies will offer a complete package deal. This helps drive down cost. For most nonprofit organization, this are the perfect insurance solution. Having all of the needed insurance coverages is part of your essential policies for nonprofit organizations.
Integrity Now Insurance Brokers is here to help obtain all essential policies for nonprofit organizations. Because we specialize in insurance for churches and nonprofit organizations, we have the needed experts in place.
If you don’t have the essential policies for nonprofit organizations in place, you could face unlimited financial consequences. Have the correct insurance in place today, will save you millions of dollars in the future.
Reach out to one of our church insurance agents and request a quote today. They will review your essential policies for nonprofit organizations, to help you make sure you didn’t leave anything out.