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Ep 11 - Non-Profit Finances

“Some pro bono lawyers or lawyers on the board that practice in other areas of the law think if you comply with 501c3, that's the end of the game. You don't need to worry about state law because state law will mirror the federal tax law. And that's not true at all, right?" - Gene Takagi

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Today, on the Nonprofit Counsel Podcast, May is joined by Jacob Zerkle, a dedicated attorney in the nonprofit sector employed at Michael Best and Friedrich. He is also the brains behind Nonprofit Office Wisdom, a noteworthy feature on his LinkedIn profile. May and Jacob discuss the evolving landscape of nonprofit funding in the aftermath of the COVID-19 pandemic. They delve into the crucial topic of how nonprofit boards should navigate the process of selecting and hiring an attorney. Tune in today to gain insights into the potential drawbacks of choosing an attorney without nonprofit expertise.

IN THIS EPISODE:
 

[1:11] Rick shares his background in the nonprofit sector
[2:24] Rick explains that he teaches classes at the University of San Diego and the University of California at San Diego
[4:28] Rick discusses when a nonprofit should engage a fractional CFO
[5:52] Rick tells how a PBO serves nonprofits and other entities
[7:28] Rick shares some details of the boards he has served on and describes the acronym he uses to cover board membership
[11:55] Rick encourages listeners to volunteer in ways to give back to the community and nonprofits

KEY TAKEAWAYS: 


  • The University of San Diego offers a certificate program in their nonprofit institute.
  • ​There can be a fractional CFO in a nonprofit organization.
  • ​When a nonprofit in California exceeds 2 million dollars, it must have an audit.