Legal
Legislation
- Florida Statutes, Chapter 617: This chapter governs the formation and operation of nonprofit corporations in Florida. It outlines the requirements for creating a nonprofit corporation, the duties and responsibilities of its board of directors, and the rules for managing the organization.
- Florida Solicitation of Contributions Act: This act regulates charitable solicitation in Florida. It requires that charitable organizations register with the Florida Department of Agriculture and Consumer Services before soliciting contributions in the state. It also sets forth certain disclosure requirements for charitable organizations.
- Federal Tax Law: All nonprofit organizations are subject to federal tax laws. In order to qualify for tax-exempt status, a nonprofit organization must file an application with the IRS and meet certain criteria outlined in the Internal Revenue Code.
- Florida Tax Law: In addition to federal tax laws, nonprofit organizations are also subject to state tax laws. In Florida, nonprofits may be eligible for sales and use tax exemptions, property tax exemptions, and other tax benefits.
- Employment Laws: If your foundation plans to hire employees, you will need to comply with federal and state employment laws. These include laws related to minimum wage, overtime, discrimination, and workplace safety.
- Privacy Laws: If your foundation collects personal information from donors or beneficiaries, you will need to comply with state and federal privacy laws, including the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
Information Sources:
- Forrester (https://www.forrester.com/bold)
- Reuters Business Insights (https://insight.reuters.com/)
- United States Census Bureau ((www.usa.gov/business)
- International Monetary Fund (www.imf.org)
- Bureau of Labor Statistics (www.stats.bls.gov)
- Small Business Administration (www.sba.gov)