Nonprofits must comply with stringent federal and state regulations due to their special taxexempt status the governments ultimate threat is revocation of a nonprofits taxexempt status, which usually means the nonprofits demise. Written in plain English, not "legalese," this book provides essential guidance for those interested in starting new nonprofits, as well as valuable advice for directors of established organizations. This easytoread resource contains essential information on virtually every legal aspect of starting and operating a nonprofit organization from receiving and maintaining taxexempt status to tips for successful management practices. The Fifth Edition includes updates to areas that have changed dramatically in the wake of new law. These areas include: corporate governance principles, compensation issues, private benefit doctrine, political campaign activity, the new form 990, endowment funds, and IRS audits activity.