The statutes of a nonprofit organization are internal rules that states how the organization and its basic structures are governed. The statutes create a framework for the operation of the organization and help to impose order on its procedures and decision-making.
Generally, statutes contain information of general appearance as the official name of the organization, its headquarters, and the purpose of the organization. Also contemplated as more specific issues:
- The rights and privileges of members of a membership organization
- The creation of committees and the scope and limitations of their authority
- Financial matters such as auditing, compensation of trust in case of problems, and insurance for trustees and board members
- Internal policies and procedures on conflicts of interest
- The procedure to dispose of the assets of the organization to be dissolved
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