Non-profit organizations need to be more conscientious than ever about laws and regulations. There are over 40 states with laws governing how organizations can solicit for contributions. It can be difficult for organizations operating on an inter-state or national level to keep track of their requirements, forms, deadlines, and fees. A compliance service can help.
The Evolving Compliance Requirements of Non-Profits
Compliance requirements aren't static. Non-profit organizations need to keep track of requirements year after year, often in multiple states. And if they fail to perform as they should, they may experience significant fines and penalties. Many non-profit organizations rely on small budgets, lean administration, and volunteer networks. Altogether, this means there's a huge challenge when it comes to paperwork -- especially critical paperwork necessary for the organization to continue. There are digital platforms that are designed to improve management of regulations and standards, but even so they also necessitate knowledge of the requirements and how they evolve.
The Importance of Non-Profit Compliance
Non-profit compliance and regulations often relate to how and when organizations are even allowed to collect funds. If an organization improperly collects funds, it could face penalties for each act of collection that occurs. Organizations also have regulations controlling how they interact with donors, how operators of the organization relate to donors, and how funds and services are traded. It's critical that those within the organization always work with the organization's best interests in mind rather than their own.
Because some elements of regulatory compliance relate to those in charge of the organization, having a neutral third-party regularly audit and assess the organization can help achieve better regulations, compliance, and adherence.
Improving Compliance with Compliance Services
There's a reason why many organizations outsource their compliance services. Non-profit organizations need to spend their time doing what they do best: raising funds and improving their communities. If they aren't able to do this, their administrative costs just go up without affecting how much they're able to deliver in services. Compliance services are outsourced, third-party experts that are able to provide superior adherence to compliance while still ultimately spending less time. This makes it possible for organizations to make the most of their spending while also having the peace-of-mind to concentrate on other things.
Does your organization need help with issues of compliance? We can help. Connect with us today to find out more about our compliance services.
