Our staff attorneys have spent more than a year reviewing hundreds of nonprofit bylaws.Here is what they learned about the most common legal pitfalls!
Register Today:Just Announced!
Special Discount on our Nonprofit Revitalization Act Remedial Action Planwill be offered to all attendees!
The Next (and Last) Bylaw Pitfall (#5) Is: Having Overly Generalized Indemnification & Insurance Policies
The ProblemWhen it comes to potential exposure to personal liability faced by board and staff members affiliated with nonprofits, many organizations fail to clearly and sufficiently stipulate what guarantees and protections they offer. In some cases, unfortunately, organizations don't even secure appropriate insurance necessary to truly honor their promises. Virtually all nonprofits should, and do, endeavor to indemnify their stakeholders from legal claims arising as a result of their service to the organization. Such decisions, however, merit requisite due diligence.Indemnification obligations are generally two-fold:
- Coverage of expenses that might be incurred in defending a legal action;
- Payment of any judgments or necessary settlement fees
How do nonprofit meet these obligations?For most nonprofits, only with appropriate insurance coverage can they truly honor their indemnification commitments. In our experience, many nonprofits needlessly expose themselves, and their stakeholders, to liability and potentially disastrous financial obligations by simply adopting brief, catch-all indemnification and insurance clauses in their by-laws.Carefully consider the following questions:
- Does the indemnification and insurance clause expressly require the nonprofit to procure insurance coverage appropriate for its organizational needs and does it provide for procedures to assure that such coverage is maintained and can be adjusted as needed as the organization evolves?
- Assuming a nonprofit's by-laws obligate the organization to maintain insurance coverage for purposes of indemnification, are the by-laws clear as to those who are actually indemnified? Are staff expressly indemnified? What about volunteers? If so, are the terms of the underlying insurance policies in sync with the by-laws?
- Should the nonprofit also guarantee corporate funds in order to indemnify a stakeholder if its insurance carrier were to refuse to pay or if actual damages exceeded coverage limits? Remember, insurance coverage has its limitations.
- What discretion should a board of directors have, if any, in authorizing the indemnification of a stakeholder who acted in bad-faith or engaged illegal conduct while loosely acting on behalf of the nonprofit? (An unfortunate example can be found here.)
Actions to ConsiderRead More about the limitations of insurance, please read the following recent Q&A from the Nonprofit Risk Management Center. Scroll to the last question for the important question regarding what D&O insurance covers.You may also want to read the following:For more information on NYCON's Members Only Directors & Officers Insurance (and to get a "Quick Quote") click here.
Showing posts with label webinar. Show all posts
Showing posts with label webinar. Show all posts
Friday, February 12, 2016
The Last Bylaws Pitfalls is...
Tuesday, February 25, 2014
Register Now for Nonprofit Revitalization Act Webinars
|
| |||||||||||||||
Wednesday, May 22, 2013
Improve Your Nonprofit's Website This Summer
| |||||||||||||||||
Labels:
Announcement,
Nonprofit Issue,
webinar,
Workshops
Wednesday, April 24, 2013
New Webinar for Spring & Summer
Know Thy Self: Assessing Organizational Readiness When Taking on the World of Restructuring [Lunch & Learn Webinar]
Presented by Doug Sauer, CEO,
New York Council of Nonprofits, Inc. Tuesday May 7th, 2013 11:00am to 12:30pm
Affiliation discussions are a discovery process - uncovering and clarifying motivations, interests, organizational facts and circumstances, strengths and weaknesses. It is a process where potential partners learn about each other and yes, learn about themselves as well. Successful affiliation talks depend largely on each party being prepared, as transparency starts internally first. The more clarity your board and staff leadership can get as to the organization's true operational, fiscal, and "mission" health, the better positioned the organization will be in type of restructuring or collaboration. This webinar, led by our seasoned restructuring expert, Doug Sauer CEO, will guide attendees as to the questions that you should first ask yourselves and then extend to your potential partner.
|
| Register Now |
Explore Employee Benefits that You Can Afford!
May: Spotlight on Flexible Spending Account Program (FSA) and Life Insurance Programs
We know that the Employe Benefits "Market" can be
complicated. Our job is to help make that world more simple, and affordable for nonprofits. To help you understand each type of benefit, it's coverage features and it's costs we are rolling out a series of short 30-minute webinar spotlights on our administered programs: Health Insurance,Flexible Spending Accounts and our Vision Program - which is new for 2013!
Up next...
5/9/2013
|
| Social Media Myth Busting: If You Build It, Will They Come? [Lunch & Learn Webinar] Presented by Andrew Marietta, Regional Manager, Central NY Office, NYCON and Valerie Venezia, Vice President, Membership & Marketing, NYCON
June 14th, 2013 11:00am to 12:30pm
Register NowRegister Now |
| The Two Good (& Short) Webinars You May Have Missed this Month... |
| Last week NYCON hosted and recorded two very short, informative webinars on two very different topics. These were two great webinars that you (probably) missed. Take a few minutes and check them out when it's convenient for you! First, our Dental Program Spotlight: NYCON's most popular (and very affordable) employee benefit, this program provides two optoins, comprehensive coverage and a array of providers to choose from. Take a few minutes and listen to Eric Laughlin of CS Plus give a quick overview of how the program works, what it covers and how much it costs. CLICK HERE. DoGoodBuyUs Corporate Member Spotlight:Does your nonprofit have great goods to sell? Are you looking for an online marketplace to help you spread the word? Check out the 20 minute Corporate Member spotlight we did with Zach Rosenberg, Founder of DoGoodBuyUs.CLICK HERE. |
Saturday, April 6, 2013
News from NYCON
Just Like the Tournament, the Camp Finance Discount is Almost Over!
Register Before April 7th to Save...
Are you still feeling the March Madness? The Camp Finance Team at NYCON still is... and we want to make sure the people who are "mad" about Camp Finance can save on their early registration.
From now through the end of the "Final Four" (April 7th) you can get a $50 discount on paid Full Conference registration for Camp Finance.
Just click here and enter discount code"MarchMadness" to get $50 off of your paid Full Conference registration (Sorry, no discount applies to Day Trip Registration Rates.)
Looking forward to seeing you on the mountain! Please note: This discount offer applies to Credit Card Online or Pay By Phone Orders Only. If you prefer to have our Staff take your payment and registration via phone please contact Amber Vanderwarker at 1 (800) 515-5012 ext. 126.
We've Got ANI!
Welcome our Newest Conference Sponsor
ANI is an insurance company governed by nonprofits themselves.
ANI is a 501(c)(3) tax-exempt nonprofit that is governed by other 501(c)(3) tax-exempt nonprofits. They aren't just a "program" of an insurance company that specializes in nonprofits. Insuring nonprofits is their entire mission. |
Explore Employee Benefits that You Can Afford!
Spotlight on our Affordable Dental Program for Employees, Volunteers & Board Members
April 11th, 2013 10am
We know that the Employe Benefits "Market" can becomplicated. Our job is to help make that world more simple, and affordable for nonprofits. To help you understand each type of benefit, it's coverage features and it's costs we are rolling out a series of short 30-minute webinar spotlights on our administered programs: Health Insurance,Flexible Spending Accounts and our Vision Program - which is new for 2013! Up next...
4/11/2013
Stay tuned for Flexible Spending Account &
Life Insurance Webinars... |
DoGoodBuyUs! [Corporate Member Spotlight]
Thursday, April 11, 2013 from 2:00 PM to 2:30 PM (EDT)
Online - Call And Login Information Will Be Sent To You 24-48 Hours In Advance Of This Workshop
|
At DoGoodBuyUs (http://www.dogoodbuy.us) they believe consumerism can change the world so, they created the largest marketplace of charity made products. With each purchase, 50%+ proceedsare dedicated to fighting poverty, hunger, disease, environmental degradation and other life-threatening ills around the globe! As nonprofits around the country look for ways to bolster their fundraising, 100's have turned to DoGoodBuyUs as a way to bridge the gap between causes and the consumer market.
DoGoodBuyUs works with nonprofits around the world, helping them sell the products they (and now we) have created.
DoGoodBuyUs is the newest Corproate Member* of NYCON.
On this spotlight webinar you will learn:
Join us on April 11th at 2pm for a quick 30 minute overview on just how DoGoodBuyUs can Do Good by your nonprofit & community. *Please note that this company is NOT a NYCON Endorsed Corporate Partner.
|
|
Presented by Cynthia Adams, Founder, Grantstaion.com
Friday, April 12, 2013 from 10:00 AM to 11:15 AM (EDT)
Call And Login Information Will Be Sent To You 24-48 Hours In Advance Of This Workshop
|
This webinar will take participants through the process of establishing a grants calendar for the next 12 to 18 months. Fast-paced, and filled with action steps, Cynthia Adams will discuss how to design and adopt a Grant Decision Matrix before beginning the process of building a specific grants strategy for each project. All participants will also receive a set of worksheets that they can use to create their own approach to building grants calendars and grants strategies for their organizations. This webinar is for beginning, intermediate and advanced grantwriters.
|
NYCON Membership Benefits Orientation [Webinar]
Good for Prospective, New & Returning Members!
April 18th, May 17th or June 14th - Your Choice |
In our "Get to Know Us" Sessions, NYCON staff will tell you a lot more about our membership benefits - and answer all the questions you have regarding our process, costs and what you get for FREE. We will be talking about these benefits.
NYCON leverages the purchasing power of thousands of nonprofits to bring you economies of scale on everything from Office Supplies to Fundraising Software.
|
|
Presented by Susan Weinrich, VP of Organizational Develoment Services, NYCON
Friday, April 19, 2013 from 10:00 AM to 12:00 PM (EDT)
Call And Login Information Will Be Sent Via Email
Developing a strategic plan is an important component of organizational success; developing strategic thinkingthroughout the organization, however, is what enables an organization to make timely and effective decisions before, during, and after the establishment of a strategic plan. This session will provide guidance and offer suggestions on how you can leverage the impact of your strategic plan (if you have one) and build a culture where Board and staff leadership look forward rather than backward and seize opportunities rather than manage crisis. Learn how to improve your organizational decision making and move forward with shared purpose, commitment, and vision.
|
Subscribe to:
Posts (Atom)








