Establishing Nonprofit Organization: Governance and Structure

School: Southern New Hampshire University - Course: ACC 325 - Subject: Accounting

Desiree Snow Southern New Hampshire University ACC 325 | Accounting for Nonprofit Organizations Final Project

I. ESTABLISHING YOUR NONPROFIT Describe the Nonprofit Organization The name of the nonprofit organization shall be Lewiston-Auburn Roller Derby, also known as LARD. The league's catchphrase shall be, "We're pretty phat... with a PH!" Lewiston- Auburn Roller Derby will be founded and operated in the state of Maine. Mission Statement: Lewiston-Auburn Roller Derby is a non-profit organization dedicated to the promotion and growth of roller derby in the local community. LARD fosters an environment of teamwork, empowerment, and community engagement to create self-sufficient athletes and positive role models. Corporate Structure and Corporate Governance The State of Maine requires that a corporation is governed by a Board of Directors, and that the necessary qualifications specified in either the articles of incorporation or the bylaws (Maine Legislature 2022). The state does require that the Board of Directors must be a minimum of three individuals, unrelated to each other. As such, the Lewiston-Auburn Roller Derby Board of Directors will be made up of five Officers: President, Vice President, Secretary, Treasurer, and Member at Large. These officers will be elected into position by league members, and hold their term for approximately 12 months; there is some flexibility of term to allow for transitions around the close of competition season. All Board members shall lead by example and seek to empower and guide members to take on leadership roles and responsibilities. They are responsible for performing tasks aimed at developing the organization's vision and implementing policies and procedures to achieve said vision. The President and Vice President should both remain knowledgeable of league policies

Why is this page out of focus?

Because this is a Premium document. Subscribe to unlock this document and more.

and procedures. The Secretary shall be proficient with computers, note taking, and record keeping, as well as organized. The Treasurer should be familiar with finances or accounting, as well as be proficient with computers, bookkeeping, and financial reports. The Member at Large does not have certain qualifications, but should be a team player with various skill sets to provide assistance as needed. Lewiston-Auburn Roller Derby will maintain a conflict of interest policy to protect LARD's interest when contemplating entering into a transaction or arrangement that might benefit the financial interest of a league member, as well as the handling of situations where personal relationships may lead to biased decisions from members in leadership. This policy is intended to supplement, but not replace, any applicable state and federal laws governing conflict of interest applicable to nonprofit and charitable organizations. The Finance Committee is made up of at least two members. No Directors may be on the Finance Committee. The Finance Committee provides oversight for the financial operations of the organization. They will track league finances, collect membership dues, and handle banking and business paperwork and documents. They will maintain the organization's books and bank account. They will also generate quarterly and annual budget reports to be approved by the Board of Directors, be responsible for creating and maintaining financial records, and work with the Treasurer to file annual taxes. Legal Requirements and Process for Becoming a Nonprofit Lewiston-Auburn Roller Derby is organized and shall be operated exclusively for the purposes of a qualified amateur sports organization within the meaning of section 501(c)3 of the Internal Revenue Code, as may be amended from time to time. The specific objectives and purposes of this cooperation shall be: (a) to promote the sport of women's roller derby by