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SAMPLE BOARD CALENDAR
There are certain activities that every board needs to perform on a regular
basis. Assigning each activity to the appropriate month and board meeting will
help the board ensure that all of its legal, financial and best practices tasks
are accomplished in a timely manner. Items that might appear on the calendar
include:
Filing requirements
IRS Form 990: Every VA-affiliated nonproft must file a federal Form 990 with the IRS annually. [Note: The IRS requires submission only for nonprofits with annual revenues over $25,000. However, VHA Handbooks 1200.17 and 1400.2 require all VA-affiliated nonprofits to submit annually.] Form 990 must be filed on the fifteenth day of the fifth month after the end of the fiscal year. For example, if the fiscal year ends on December 31, file the 990 by May 15.
http://www.irs.gov
IRS Form 990-T: Each organization engaging in unrelated business activities must file Form 990-T with their IRS Form 990 and must pay unrelated business income tax. Check the IRS website for what constitutes unrelated business income.
http://www.irs.gov/charities/article/0,,id=96104,00.html
Annual Report to VA: On June 1 of each year, each NPC must submit an annual report to the VA. The board should ensure that proper resources (i.e., personnel and financial) are allocated so that the annual audit and subsequent IRS documentation are completed in a timely fashion so that the annual report to VA may be filed in a timely manner.
http://www.navref.org/library/default_Annual_Reports.htm
Fundraising registration: Each state has its own regulations for charitable fundraising so check state compliance requirements for the deadlines. If an organization raises funds in any state where it is not incorporated, it also must register in that state and file an annual renewal or financial report.
http://www.iknow.org/Main.cfm?Main=4
Other state filings: Check with the NPC accountant for state requirements.
Employee payroll: All nonprofits must withhold employee federal income and Social Security/Medicare taxes and submit payments on a regular basis. Non-compliance can result in heavy penalties.
http://www.irs.gov. In
addition, most states have state income tax and unemployment taxes that must
also be paid in a timely manner. Federal grant reports: Recipients of federal
grants usually have to file specific annual reports. Check the original grant
agreement or contract.
Executive Director: On an annual basis, evaluate the executive director’s performance and set goals for the following year. Also, on a periodic basis, the board should review the executive director’s compensation and document compliance with the IRS excess benefit regulations. See
http://www.irs.gov for information on intermediate sanctions.
http://www.navref.org/bestpractices/main_hr_phiringterm_hiring_contract.htm
http://www.irs.gov/pub/irs-tege/m4958art.pdf
http://www.irs.gov/pub/irs-tege/m4958a2.pdf
Conflict-of-interest policy: In accordance with VA Handbooks 1200.17 and 1400.2, each member of the board must follow federal conduct and conflict of interest policies. However, the board may also decide to implement a separate COI policy that requires annual disclosure.
http://www.navref.org/sitemap/default.htm
Annual audit: The board should ensure that
the audit is performed in a manner that allows sufficient time for the board to
review the annual audit and management letter prior to the deadlines for IRS
Form 990 and the annual report to VA.
Operational Budget:
On an annual basis, approve an operational budget for administering the NPC. At
each subsequent board meeting, board members should compare actual expenses
against the budget.
Policies and Procedures:
On a periodic basis (at least every three years), review and approve the NPC’s
operational, financial and human resource policies and procedures and ensure
that they are in compliance with federal, state or local laws. (i.e., travel
reimbursements are consistent with an IRS accountable plan, etc.)
Insurance policies:
On a periodic basis (annual), review the organization’s insurance policies to
ensure that the type and level of coverage are adequate for the organization’s
activities and property.
Bylaws:
On a regular basis (every three years), review the organization’s bylaws to
ensure that they reflect the way they in fact conduct business as well as any
changes in the environment of the organization or relevant laws.
Self assessment:
On a periodic basis (every other year), board members should evaluate their
performance as a whole and as individuals. This evaluation process is
important to judge what the board is doing well, where the board can improve
and how the board can better communicate with each other and with the
community it serves.
Mission and Strategic Planning:
On a periodic basis (annual), review the written mission statement of the organization to ensure that it is current and in line with its long term plans. Review of the mission is extremely important to remind the board and staff of the organization’s purpose.
http://www.navref.org/bestpractices/main_gov_govdoc_mission.htm
Asset accounts:
In accordance with VA Handbooks 1200.17 and 1400.2, the board must guarantee the safety of the NPC’s
assets. Therefore, the board should ensure that funds are held federally-insured
accounts - backed by the full faith and credit of the US government.
On a regular basis, the board should review the signatories on the asset
accounts to ensure that the signatories are current.
State and local requirements:
As needed.
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