The Importance of a Corporate Minute Book
One of the best ways to keep track of all of your nonprofit records and legal documents is to invest in a Corporate Minute Book. A Corporate Minute Book is an elegant, custom-made portfolio engraved with your nonprofit’s name. When you utilize a Corporate Minute Book, you will be able to keep all of your essential nonprofit legal documents safe. Having this information in one place will also make it easier for you to provide your records to shareholders, creditors, or potential buyers should you choose to sell your corporation.
What Your Corporate Minute Book Includes
Corporate Minute Books often include actual nonprofit seals that you can use to signify that a document is an official document of your nonprofit.
These books may also include ledgers to document donations and expenses.
What to Include in your Corporate Minute Book
You will want to keep the signed originals of the various documents referenced in your corporate Minute Book for easy reference and access if and when needed. Here is what you will need to keep in your book:
- Articles of Incorporation
- Federal Employer Identification Number
- Application for Tax-Exemption
- I.R.S. Determination Letter (Tax Exemption Letter)
- Meeting Minutes
- Letters & Correspondence from the I.R.S.
- Nonprofit Tax Returns
- Bill of Sale, Receipts, Assignments, or Transfer Documents
- Deeds and Title documents
- Proof of Insurance (e.g., Directors & Officers Insurance) and Policies
- Closing Documents
- Loans, Notes, or Mortgages
- Employment Agreements
- Background Check Agreements
- I-9 Forms
- Independent Contractor Agreements
- Personnel Files
- Wages, Taxes Withheld, Resolutions Approving Wages, and Industry Research
- Substantiating Rates
- Vendor Contracts
- Bids; Proof of Compliance with Conflict of Interest Policies
- 1099-MISC Tax Forms for Fees Paid to Independent Contractors
- Nonprofit Bank Account Statements
- Nonprofit Bank Account Deposit Slips
- Copies of Checks Received
- Canceled Checks
- Receipts of Purchases
- Nonprofit Credit Card Statements
- Any Invoices Submitted to Vendors
In addition to keeping this paperwork in your Corporate Minute Book, you should keep any changes to this information in your book as well, especially when it comes to your official Articles of Incorporation.
Changes to your Articles of Incorporation may include:
- Changes in your nonprofit’s name
- Relocation of your operations
- A shift in the number of directors
- Any differences in restrictions on share transfers
- Restrictions on the business that you do
- Creating or removing classes of shares
- Modifying classes of shares
- Increasing or reducing capital, if this is in your Articles of Incorporation
- Change of any other provisions
You should, of course, keep digital or scanned copies of these critical documents as a backup. You can save them on an external hard drive and maintain a cloud-based copy if something happens to your originals.
Where to Purchase a Minute Book
Chisholm Law Firm offers Corporate Minute Books for purchase by our clients. We also provide a Digital Minute Book, which allows bank-grade level security cloud-based storage for critical documents for safekeeping. If you would like to order one, feel free to contact our law firm at Chisholm Law Firm or any vendor that offers them.
In addition to providing a Corporate Minute Book, we will look over your book to ensure that the information is updated and follows regulatory requirements.
Starting and growing a nonprofit is not a simple task. You need the right team with the right expertise to help you on this journey. Our team has helped thousands of people start and grow nonprofits that impact the world. If you want the best for your nonprofit, look no further than Chisholm Law Firm. We have a 100% success rate for our clients*. (*Past results do not determine future outcomes)
You can rest assured that your nonprofit is in the best hands and that we’ll get everything done right the first time. Call us today to schedule your free consultation.
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