CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        Charitable & Nonprofit Organizations

        Nonprofit Compliance and Best Practices To Do List

        Whether you run a nonprofit or serve on the Board, you have a responsibility to make sure the organization is in compliance, in shape to weather the storm or to take advantage of growth opportunities. There never seems to be enough time to step back, take stock, and launch that preventative compliance review. At minimum, there are things that any nonprofit can do – and every nonprofit should do - in 2020:

        1. Update Conflict of Interest Disclosures. Ensure that every Board member and key officer has a current conflict of interest form on file.

        2. Review Internal Policies for Best Practices.
        Under the new 990, several written policies are required. Check to see whether the nonprofit has, or needs, a written policy on:
        • Conflict of interest
        • Cybersecurity protections and policies
        • Document retention/destruction
        • Executive Compensation (including use of comparability data)
        • Employee Policies, especially related to sick leave
        • Finance, including debt obligation review
        • Gift Acceptance and Gift Documentation
        • Grant-making
        • Investments
        • Joint Venture controls and review
        • Whistleblower protection

        3. Prepare for Filing 990. Make sure to provide a copy of your 990 to your entire Board, and to review the 990 at a Board meeting with a quorum, particularly with regard to financial health, executive compensation, private inurement/excess benefits, unrelated business activity, relationships among board members and officers, and lobbying and political activity.

        4. Update and Review Corporate Documents. Ensure your mission statement complies with Section 501(c). In the post COVID-19 era, your mission may be altered, diminished or redirected. Make sure that your articles of organization and bylaws have been reviewed and updated in accordance with state law and (perhaps more importantly) with actual practice. Make sure that any amendments are sent to the IRS and remain consistent with your exemption.

        5. Exercise Fiduciary Oversight of Third Parties. If you haven’t sent contracts out to bid or reviewed for professionals – especially auditors, attorneys, and investment professionals taking care of your charitable assets – in 3 years or more, consider doing so.

        6. Review Liability Protection and Insurance. Look (or have your broker review) at the organization’s professional liability, director and officer insurance, property insurance, cyber liability, general liability and insurance coverage related to social services.

        7. File Charitable Solicitation Registrations. Review requirements in states in which you fundraise, whether by mail, in person or via email.

        8. Annual Filings. Depending where your organization is registered to do business, there may be other annual state filings due to various regulators. For example, Massachusetts requires Form PC annually for Massachusetts charities.

        9. Have a Well-Rounded Charitable Giving Program. Review the diversity of funding streams and strategically plan. Many nonprofit organizations have canceled fundraising events or should consider the risk of planning such events in the upcoming weeks and months due to the pandemic. Review fundraising strategies to move away from relying on a single source of funding, and building comprehensive strategies, including a planned giving program

        10. Review Opportunities to Align or Merge with Organizations. In the wake of the COVID-19 pandemic, many organizations will look to merge with another nonprofit organization. Nonprofits can and should consider using mergers as an effective tool to achieve their goals, advance their mission, and increase their impact. Mergers should not necessarily be a “last ditch” effort, but rather part of thoughtful strategic planning. Joint venture or commercial co-venture partnerships with nonprofits and for-profit entities to access additional or unavailable capabilities, capital and resources may also be beneficial for the nonprofit.

        Charities should take this time to review governance related to gifts, communication tactics, strategic planning, policies and agreements. Positioning your institution appropriately now will assist with sustaining your future.

        Partridge Snow & Hahn’s Charitable & Nonprofit Organizations Blog provides practical legal guidance for charitable and nonprofit organizations. If you are interested in receiving these updates via email, please submit the form below: