Nonprofit Myths: #3 - Public Charities
MYTH: I am starting a foundation to give out school supplies to kids who cannot afford them. I can’t wait to see their little faces when I give them new backpacks and markers!
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Nonprofit Law
Nonprofit Myths: #2 - Salaries
MYTH: I am going to be president of my nonprofit and make $100,000 a year!
Nonprofit Myths: #1 - Tax Exempt Status; Ownership
MYTH: Nonprofit and tax-exempt mean the same thing.
MYTH: I own my nonprofit.
Overview: Audit Opinions and Findings
When auditors assess your handling of grant funds, they’re not looking to ding you at every possible point with negative findings. Their job is to provide an official opinion about your financial statements that is unqualified, qualified, or disclaimed. An unqualified opinion means that your financial statements are free of material error and may be relied upon.