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Nonprofit Obligations Under a Memorandum of Understanding

Understand the value of using Memoranda of Understanding as a regular part of your operations.

Many organizations see value in working with other organizations, but they are wary of doing so due to contracts, formalities, etc. How can organizations work together to maximize their ultimate results and operations while not entering into additional formal contracts? This topic will help the persons responsible for the operation of organizations to recognize the need for and utilize Memoranda of Understanding to build relationships and increase the outcomes for the organizations. This material will walk through the process and cover the dos and don'ts. This information is critical for high-level employees to utilize this rarely used but powerful tool.

61 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is a Memorandum of Understanding

  • Is It a Contract?
  • Is It a Waste of Time and Resources?
  • What Is the Rationale Behind Its Use?

Reasons for a Memorandum of Understanding

  • Relationship Building
  • Initiating a Process
  • Lower Level of Commitment

Who Can Physically Prepare a Proper Memorandum of Understanding

  • A Lawyer?
  • Your Accountant?
  • Your Staff?

Problems With Poorly Drafted Memoranda of Understanding

  • No Measurable Metrics
  • No Hard Time Periods
  • No Specific Expectations

Finalizing the Memorandum of Understanding

  • Look Each Other in the Eye
  • Regular Follow up
  • Have Plan for Contract
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on July 9, 2021.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • ME CLE 1.0
     
  • NJ CLE 1.2
     
  • VT CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Samuel J. Erkonen

Samuel J. Erkonen

Howe & Hutton, Ltd.

  • Partner with Howe & Hutton, Ltd.
  • Practice is limited primarily to not-for-profit organizations and the hospitality industry
  • Admitted in nine different federal jurisdictions nationwide
  • Provides (before COVID-19) 30-40 educational presentations yearly in connection with not-for-profit law, related liability issues, and hospitality issues
  • J.D. degree; LL.M. degree in taxation, Washington University in St. Louis; graduate in finance, University of Iowa
  • Can be contacted at 312-263-3001, [email protected], or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408860
Published 2021
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