Greg, great topic and well-researched on your end 💯 over 💯. I would just add that for-profit companies should be doing the same thing in following your lead. Great advice at the end.
Generally speaking, we would recommend having these as separate policies outside the bylaws. The only one we frequently see as part of the actual bylaws is the conflict-of-interest policy.
Correct. You CAN put it all in there, but we don't recommend it. For one, it makes for a ridiculously long set of bylaws. More importantly, since bylaws should have an amendment clause making them (the bylaws) very difficult to amend, you don't really want operational policies subject to that high of a bar in order to amend them if needed over time.
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Greg, great topic and well-researched on your end 💯 over 💯. I would just add that for-profit companies should be doing the same thing in following your lead. Great advice at the end.
Would these be in the Bylaws or somewhere else like policies and procedures?
Generally speaking, we would recommend having these as separate policies outside the bylaws. The only one we frequently see as part of the actual bylaws is the conflict-of-interest policy.
So everything that a 990 asks for isn't required to be answered in the official bylaws?
Correct. You CAN put it all in there, but we don't recommend it. For one, it makes for a ridiculously long set of bylaws. More importantly, since bylaws should have an amendment clause making them (the bylaws) very difficult to amend, you don't really want operational policies subject to that high of a bar in order to amend them if needed over time.
Does a 501c2 need to file form 990 with the IRS?
Yes, they do. Even though a 501c2 is subordinate to another tax-exempt organization, it is a separate entity with its own filing requirement.