If you are non-profit group, what is the legal designation?

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If you are non-profit group, what is the legal designation?

Is every non-profit considered a non-stock corporation? There has been some discussion about reviewing the non-profit’s finances. The Executive Director has refused to allow access to member requests. Does he have to give members a chance to review the non-profit organization’s financial information?

Asked on March 27, 2012 under Business Law, Virginia

Answers:

Hong Shen / Roberts Law Group

Answered 9 years ago | Contributor

A non-for-profit organization does not have to be a corporation. It can be a trust or an association. First you need to find out the identity of your organization. Check out state registry for sure. If this is a corporation, then check the bylaws to see whether it gives your access to the books. The IRS requires NPO's to file full disclosures and make them available to public for three consecutive years. Check the organization website to see whether you can find the disclosures somewhere.


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