This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
New Jersey Member's General Proxy for Meetings of the Members of a Nonprofit Corporation
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FAQ
Purpose of Nonprofit Annual Meetings For many nonprofits, having an annual meeting is a legal requirement. The organization will review its previous year's achievements, elect board members and disclose account information.
State laws determine the minimum number of board directors, which is usually two or three. Depending on the state, there could be a board of one, but it might be difficult to attain 501(c)(3) status with just one board member. Nonprofit organizational budgets are sometimes a factor in the number of board members.
A 501(c)(3) eligible nonprofit board of directors in New Jersey MUST: Have a minimum of three unrelated board members.
No one person or group of people can own a nonprofit organization. Ownership is the major difference between a for-profit business and a nonprofit organization. For-profit businesses can be privately owned and can distribute earnings to employees or shareholders.
Many nonprofit organizations have 10-12 board meetings each year. Often these meetings last several hours. It's an enormous commitment. Most organizations got into the habit of monthly board meetings with good intent.
The IRS generally requires a minimum of three board members for every nonprofit, but does not dictate board term length.
Nonprofit organizations can't legally operate without a designated board of directors that takes responsibility for ensuring legal compliance and accountability. A nonprofit board of directors is responsible for hiring capable staff, making big decisions and overseeing all operations.
In many states, nonprofits must hold at least one meeting a year, although most organizations go beyond the minimum requirement and hold monthly or quarterly meetings.
New Jersey does not require bylaws to include any specific provisions.
A board meeting should be held every month to review the previous month's financial results against your budget. Or forecast and identify what actions are needed in the next period. However, to do this you do first need to have a set of financial controls in place which allow you to do this.
