To maintain corporate good standing status in most states, nonprofits are required to file annual or periodic reports with the Secretary of State, just like their for-profit counterparts. Though the forms and procedures are similar in every state, there is very little uniformity in how states handle due dates, fees, signature requirements, filing methods (paper vs. online) and additional filing requirements of other state agencies. Though the fees and financial penalties for failing to make these required filings are usually nominal, there are much more damaging consequences for failing to comply.
It is imperative that nonprofit organizations fulfill all state corporate compliance obligations in a timely manner. Compliance is not an option; it’s the law, and noncompliance or late filings can be costly in many ways. Aside from the monetary penalties, in terms of late fees and other potential costs, there are more damaging consequences of noncompliance, such as:
In the event of revocation or dissolution, usually there is the added expense of reinstatement or requalification, which can easily reach hundreds of dollars in some states.
Keeping up with the ever-changing requirements and differences from state to state in nonprofit corporate compliance can be quite a challenge. This program will provide a broad overview of state corporate compliance requirements for nonprofits and valuable reference material that will assist you in meeting these requirements.
With full service offices in key cities from coast to coast and experienced staff dedicated to providing responsive, accurate, cost-effective service, NCR has the resources and expertise to handle your multi-state registration and compliance needs while providing the kind of personalized service usually only found in smaller service providers.
© 2020 Ohio Program Evaluators' Group
www.OPEG.org