A Board of Directors must be in place in order for a nonprofit organization to be a corporation. That same corporation must meet additional criteria in order to become a 501(c)(3) tax exempt organization. There are Boards of Directors in the for-profit industry as well as the nonprofit sector. The Board of Directors of a for-profit entity represent the best interest of the shareholders of the corporation. Boards of Directors of nonprofit organizations represent the best interest of stakeholders in the community such as clients, donors, community members, other service agencies etc. [click to continue…]
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