Oklahoma Corporate Resolution for Nonprofit Organizations
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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FAQ
A corporate resolution is the document commonly used for this purpose. The resolution is generally drafted after a meeting and vote by the directors on an important issue for the corporation.
A resolution can be made by a corporation's board of directors, shareholders on behalf of a corporation, a non-profit board of directors, or a government entity. The length of the resolution isn't important. It only needs to be as long as what you need to say.
Oklahoma requires nonprofits to have a minimum of three incorporators. Directors make up the governing body of your nonprofit corporation and are stakeholders in your organization's purpose and success. You'll want to identify three, unrelated individuals to meet IRS requirements.
A corporate resolution is the legal document that provides the rules and framework as to how the board can act under various circumstances. Corporate resolutions provide a paper trail of the decisions made by the board and the executive management team.
Nonprofit corporations often deal with government agencies on issues of public concern, which may involve applying for grants, loans or other governmental approvals. In many situations, the government agency requires a corporate resolution to verify the board's approval for making the government application.
Labeling a vote a resolution means that the board believed the issue was important enough to separate it from standard voting issues. A resolution is considered an official board action and it requires a quorum. Board directors must document all official board actions, including resolutions, in their meeting minutes.
In general, the SEC guidelines permit resolutions only from shareholders who have continuously held at least $2,000 of the company's stock for a year or longer. If a shareholder meets these requirements, then the board can choose to bring up the resolution for a vote at the next shareholder meeting.
Labeling a vote a resolution means that the board believed the issue was important enough to separate it from standard voting issues. A resolution is considered an official board action and it requires a quorum. Board directors must document all official board actions, including resolutions, in their meeting minutes.
They are only required when the board of directors makes a significant business decision. A corporate resolution creates a paper trail of an important decision in case it ever needs to be reviewed by shareholders, officers, or the IRS.
