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Nonprofit organizations are organized for a public or mutual benefit other than generating profit for owners or investors.
A. Yes
B. No
ANSWER: A
A non-profit organization (NPO) is one which is not driven by profit but by dedication to a given cause that is the target of all income beyond what it takes to run the organization.
A. Yes
B. No
ANSWER: A
Non-profit organizations are often used for trusts, cooperatives, advocacy, charity, environmental and religious groups.
A. Yes
B. No
ANSWER: A
Funding can be an issue for non-profits as they often rely on external sources, such as donations.
A. Yes
B. No
ANSWER: A
Internal controls are financial management practices that are incapable of preventing the misuse and misappropriation of assets, such as occur through theft or embezzlement.
A. Yes
B. No.
ANSWER: B
Internal control help to create business practices that serve as “checks and balances” on staff and vendors.
A. Yes
B. No
ANSWER: A
A policy that requires two signatures on a check is a basic internal contol.
A. Yes
B. No.
ANSWER: A
Surprise internal audit and having second person aside the book keeper are essential for transparency and protection for the non profit organization.
A. Yes
B. No.
ANSWER: A
Non profit organizations are granted tax-exempt status and all contributions made to them are tax deductible, whether they are properly registered or not.
A. Yes
B. No
ANSWER: B
Adopting a written policy helps everyone know what the expectations are, such as for requesting reimbursements.
A. Yes
B. No
ANSWER: A
Proper corporate governance not only ensures that your nonprofit meets legal and ethical standards, but it will improve the overall strength of the organization.
A. Yes
B. No.
ANSWER: A
The profits of any company engaged in ecclesiastical, charitable, or educational activities of a public character in so far as such profits are not derived from a trade or business carried on by such company.
A. Yes
B. No.
ANSWER: A
In general, no restriction exists on the control of not-for-profit organizations by other organizations or persons. It is possible that a Nigerian not-for-profit may be controlled by a for-profit entity or by a foreign grantor.
A. Yes
B. No.
ANSWER: A
An association with incorporated trustees may engage in economic activities.
A. Yes
B. No.
ANSWER: A
Upon dissolution, an association with incorporated trustees must transfer any property remaining after the satisfaction of all debts and liabilities to other institutions having similar objects.
A. Yes
B. No.
ANSWER: A
No portion of the income and property of a company limited by guarantee may be paid or distributed, directly or indirectly, to its members except as permitted under the CAMA (CAMA Section 26(1)).
A. Yes
B. No.
ANSWER: A
Proper internal controls significantly reduce the chance of any type of fraud or embezzlement within the company.
A. Yes
B. No
ANSWER: A
The Corporate Affairs Commission can suspend trustees and appoint interim managers of an association with incorporated trustees in certain circumstances:
A. Yes
B. No
ANSWER: A
A company limited by guarantee does not issue shares (CAMA Section 26(1)), and so does not create ownership rights in any persons, legal or natural.
A. Yes
B. No.
ANSWER: A
Donations made by individuals, to faith based organizations are not tax-deductible.
A. Yes
B. No
ANSWER: A