Episode 17

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Published on:

12th Jan 2022

Protecting Your Tax Exempt Status

In this episode, we look at some pitfalls you should be aware of when it comes to a nonprofit organization’s tax-exempt status. Maybe there’s something that you’re doing right now which could possibly put you in jeopardy.

Since we don’t want that to happen, we’ve brought in an expert to discuss your tax-exempt status, how to get it if you're just starting out, which status you qualify for, and how to protect it. Amy Chapman is our expert guest. She is a principal with Clifton, Larson, Allen. She has more than 23 years of experience providing tax and consulting services to clients of varying sizes with a primary focus on nonprofit entities.

In this episode you'll discover:

What is a 501c3 exemption? 01:53

Is there a difference between tax exempt and 501c3? 02:40

Are all nonprofits tax exempt? 03:25

Do nonprofits have to file for tax exemption? 03:56

What is the difference between a 501c3 and a 501c6? 05:05

How does a new nonprofit find out which tax exemptions they qualify for? 07:48

An example of our guest helping a nonprofit protect their tax exemption status 12:37

How does a nonprofit protect their tax exempt status on their own? 14:36

What should a young nonprofit look for in a CPA? 17:07

Coaches Corner Question - "As a new nonprofit we need help jumpstarting our fundraising, how do we get started?" 19:44



Coaches Corner Topic: How to Start Your Fundraising Program with Sheryl Soukup, Impact Coach and President of Soukup Strategic Solutions

Have a question for Coaches' Corner? Email IMPACTcoaches@IMPACTability.net

This podcast comes to you from IMPACTability® powered by Soukup Strategic Solutions.

IMPACTability® is an online coaching program that helps nonprofit leaders maximize their impact. With Impact Coaches, nonprofit leaders can achieve career goals and have a greater impact on the world around them. Impact Coaches will help you address real-world challenges that you experience in your own nonprofit. By focusing on your strengths as a leader, Impact Coaches can help you apply your knowledge and skills to have a greater impact.

Nonprofit Coaching: https://impactability.net (Learn more about IMPACTability® and how to work with a nonprofit coach).

Soukup Strategic Solutions, Inc. was founded in 2012 by the company’s president, Sheryl Soukup, to provide nonprofit organizations with expertise in fundraising and nonprofit management. The company offers consulting, coaching, and full-service grant writing, marketing, donor database management, strategic planning, and much more.

Nonprofit consulting and outsourcing solutions: https://soukupstrategicsolutions.com/services (Learn more about the services offered by Soukup Strategic Solutions to nonprofit organizations.)

Visit our websites at:

https://soukupstrategicsolutions.com/ 

https://impactability.net/ 




This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
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About the Podcast

IMPACTability: The Nonprofit Leaders' Podcast
Each episode, we feature an expert in their nonprofit field, discussing topics that range from fundraising and nonprofit management to Board development and marketing.
"IMPACTability: The Nonprofit Leaders' Podcast" is a dynamic and insightful series hosted by Josh Hirsch, M.S., Senior Strategist for Soukup Strategic Solutions, and created by Sheryl Soukup, President of Soukup Strategic Solutions. Each episode looks at the multifaceted world of nonprofit organizations, offering expert advice on issues ranging from fundraising and management to Board development and marketing. Josh, with his extensive background in the nonprofit sector, engages with a variety of experts to provide valuable perspectives and practical solutions to the challenges faced by nonprofit leaders.

Listeners will find each episode rich with knowledge and inspiration. The podcast covers a wide array of topics, ensuring relevance for a diverse nonprofit audience. Whether it’s discussing innovative fundraising strategies, exploring effective Board governance, or the nuances of nonprofit marketing, "IMPACTability" serves as an essential resource for leaders looking to enhance their organization's impact. This podcast is an excellent tool for anyone in the nonprofit sector seeking to grow professionally and make a more significant impact in their community.

About your host

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Josh Hirsch, M.S.

Josh Hirsch, M.S., is the Senior Strategist for Soukup Strategic Solutions and on faculty for The Fund Raising School at Indiana University Lilly Family School of Philanthropy. He has worked in the nonprofit sector since 2006, most recently as Social Content Marketing for Susan G. Komen. He has an extensive background in social media, digital communications, and marketing along with experience in grant research and writing, individual giving, special event planning, stewardship, and cultivation of donors.