Serving on a nonprofit board entails many responsibilities. Board members are expected to advocate for the organization, make prudent decisions, ensure the organization complies with regulations, and plan for the future. Filling a vacant seat is an important board function. Because there will always be turnover, and there may be some degree of urgency at times, it’s wise to have a recruitment process in place to help you search more effectively and efficiently whenever the time comes.

Nonprofit directors and officers often view their personal liability exposure as much lower than that of their for-profit counterparts. Consequently, many nonprofits carry no or inadequate personal liability insurance for directors and board members. In reality, claims naming nonprofit directors and officers are as widespread as those against for-profit corporations and can cost organizations hundreds of thousands of dollars or more.

Accepting a corporate sponsorship to help fund one or a series of events or simply to provide ongoing support for your organization’s programs and operations can benefit both the organization and the corporation — if the sponsorship is arranged properly. In addition to the corporate sponsor’s financial support, your organization may receive in-kind services and/or product donations, along with increased media attention that can boost public support for your mission. For the corporation, the sponsorship offers public recognition of the business’ charitable activities, which may help it attract new customers and enhance its reputation.

Although 2015 is quickly coming to a close, there is still time, with careful planning, to execute some last minute tax strategies. In many cases, these strategies can help minimize the tax burden.