Many of us in the nonprofit world use terms and acronyms that may be confusing to newcomers – especially young employees trying to learn about the nonprofit as a business. I recently ran across a very useful tool for educating everyone in this business. The glossary should probably be in every manager’s office.
The Glossary is published by BoardSource and can be found under Nonprofit Board Fundamentals on their website. The glossary is alphabetized and runs five pages and has every term that is ever used in this business.
For example: have you ever wondered what the difference was between a 501(c)(3) and a 501(c)(6)? There are also simpler definitions: For example:
- Board Development
- Disclosure requirements
- Emeritus status
- Fiduciary duty
- Immediate sanctions
- Operational reserves
Possibly the most Important definitions provided for novices are the terms for IRS requirements, which can be confusing. For example:
- Form 990
- Form 990 – PF
- Form 990 – T
- Form 1023
- Form 1024
- Or maybe a ‘Federated Organization’ ?
I recommend every nonprofit have a copy of this glossary – maybe even board members might appreciate the information.
Author: Adrianne Geiger DuMond, Executive Coaches of Orange County, www.ECofOC.org