Tennessee Minutes of Organizational Meeting of Directors for a 501(c)(3) Association serve as an official record detailing the discussions, decisions, and actions taken during the initial meeting of directors of a non-profit organization in Tennessee seeking tax exemption under Internal Revenue Code (IRC) section 501(c)(3). These minutes aim to comply with the state laws and provide evidence of the board's commitment to fulfilling the organization's mission. The contents of Tennessee Minute of Organizational Meeting of Directors typically include: 1. Association Name: The official name of the non-profit organization must be stated at the beginning of the minutes. 2. Date, Time, and Location: The specific date, time, and physical or virtual location of the meeting are recorded to establish its legality and authenticity. 3. Call to Order: The minutes should indicate that the meeting was called to order and note who presided over the meeting. 4. Roll Call: A roll call records the attendance of all directors present, specifying their names and titles within the association. 5. Quorum: The minutes must verify that a quorum, the minimum number of directors required for official decision-making, was present to conduct business. 6. Approval of Agenda: The proposed meeting agenda is typically reviewed and approved by the directors, possibly with amendments. 7. Purpose: The minutes state the primary objective of the meeting, which is the organization's incorporation and application for tax-exempt status under IRC section 501(c)(3). 8. Discussion and Decision on Bylaws: Directors deliberate on the organization's bylaws, discussing each article or section before approving them. Any amendments made during the meeting should be clearly stated. 9. Election of Officers: If the bylaws allow, the directors elect officers responsible for managing the organization, such as the president, treasurer, and secretary. The minutes should include the names and positions of each elected officer. 10. Appointment of Committees: The minutes may reflect the committees established during the organizational meeting and the directors chosen to serve on each committee. 11. Adoption of Conflict of Interest Policy: Directors must adopt a conflict of interest policy to ensure proper governance practices. The minutes should specify that the policy has been approved and adopted. 12. Approval of Incorporation Documents: The directors review and approve the incorporation documents required by the Tennessee Secretary of State, such as the Articles of Incorporation and the Certificate of Incorporation. 13. Approval of 501(c)(3) Application: If not yet submitted, the minutes should include the resolution approving the preparation and submission of the organization's application for tax-exempt status under section 501(c)(3) of the IRC. 14. Adjournment: The minutes will indicate that the meeting was officially adjourned, noting the time at which the meeting ended. Different types or variations of Tennessee Minutes of Organizational Meeting of Directors for a 501(c)(3) Association may include additional details specific to the organization's unique circumstances or requirements, but the above elements generally encompass the essential components.
Tennessee Minutes of Organizational Meeting of Directors for a 501(c)(3) Association
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How to fill out Tennessee Minutes Of Organizational Meeting Of Directors For A 501(c)(3) Association?
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Yes, your organization must keep copies of all meeting minutes. The IRS and most state laws (section 3.151 of the Texas Business Organizations Code) require that corporations, including nonprofit corporations, keep copies of their meeting minutes.
Board directors are not employees and instead have a unique legal status with respect to corporations. Board directors are typically compensated for their service through stipend, equity, or both. Board directors also clearly perform a service for the corporate entities that appoint them.
Nonprofit meeting minutes are a necessary form of record-keeping for all non-profit organizations. Nonprofit meeting minutes serve as the official (and legal) record of board and committee meetings.
Board members are not considered employees of the organization, even though they may be compensated for participation on retainer or with per-meeting fees. Board members are typically outside experts and leaders who hold full-time positions of leadership outside in their chosen profession.
Read, at a minimum: the Articles of Incorporation, the Bylaws, the Form 1023 (application for exemption from income tax), the mission statement, literature about the organization, the last two years of Form 990 tax returns, financial statements for the last two years, and the website.
Most states require that corporations take board meeting minutes, but the exact format is left up to the company. Minutes don't need to be filed with the state, but they must be kept on file for at least seven years.
Plain and simple, Robert's Rules says that the secretary of an organization has to (1) keep minutes and (2) make them available to members that ask for them. Yes, this means that if Ms. Archives-Lover wants copies of the minutes from every meeting for the last 26 years, she gets them.
Directors and officers who are paid by a nonprofit must be classified for payroll and other tax purposes. They can either be employees or independent contractors. The nonprofit must withhold and pay payroll taxes to the IRS for employees. There is no such requirement for independent contractors.
Most organizations are eligible to become one of the three main categories, including public charities, private foundations and private operating foundations.
Appropriate board minutes should contain the following:The names of those members who are present and who are absent.The time the board meeting begins and ends.The existence or absence of a quorum.A concise summary of the action taken by the board.The names of the persons making and seconding motions.More items...