If you run a non-profit organization, compliance matters. Non-profit organizations need to comply with all local, state, and federal regulations. Failure to do that could put your organization at risk of penalties and fines. Compliance issues can also shut down your non-profit organization. That's why you need to set up the right compliance strategy. And, this is where legal assistance comes into the picture. When you hire an attorney, they can help with your compliance strategy. They can also help you understand the components of a well-regulated compliance plan. Not sure what your compliance plan should cover? Read the list below. Here are four areas to include in your non-profit compliance plan.
When you run a non-profit organization, you need to plan for records storage. You need to keep all records regarding your non-profit organization. That means you need a system in place for securing and storing those documents. Record retention is an important part of compliance regulations. If you're not sure how to archive your confidential records, seek legal help right away.
Conflict of Interest
When you run a non-profit organization, you need to worry about conflict of interest. Some types of conflict of interest include failure to disclose familial relationships, and providing services for competing companies. A conflict of interest can also happen if your volunteer efforts conflict with your personal interests.
Unfortunately, conflicts of interest can jeopardize your non-profit organization. That's why you need to include a conflict of interest policy in your compliance plan. Talk to an attorney about creating an effective conflict of interest policy. That way, you know what to do when a conflict of interest arises.
Code of Conduct
When you're setting up a non-profit organization, don't forget about a code of conduct. A code of conduct acts as a guideline for you and your officers. But, it should provide a guideline for your volunteer staff as well. One of the benefits of a code of conduct is that it attracts donors. A well-designed code of conduct also helps you keep your employees. If you're not sure how to implement a well-rounded code of conduct, get legal guidance.
When you operate a non-profit organization, you need to include a whistle-blower policy in your compliance plan. Your compliance plan should include a policy for protecting any whistle-blowers who might come forward. A strong whistle-blower policy helps ensure the integrity of your non-profit organization.
For more info about non-profit compliance, contact a local professional.