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The disparity between for profits and community based organizations are exceedingly transparent The general public understand that most nonprofit organizations are established to serve the community while for profits seek out diverse opportunities to maximize their profits In spite of the differences the fiscal responsibilities of the nonprofit and for profit sector are relatively similar in nature Both sectors have a fiscal responsibility to the government and the public To fulfill this obligation each entity operates under some type of fiscal policy A fiscal policy is the policy of a government in controlling its own expenditures and taxation which together make up the budget Cultural Dictionary Fiscal policy of a nonprofit organization establishes guidelines for procedural controls board oversight and insurance controls In any nonprofit organization the boards of directors carry the fiscal responsibility of assuring that procedural controls are in place to monitor the financial activities of the organization Though implementations of these procedures are the responsibilities of community based organizations several of the procedural controls have been established by the internal revenue system as a rule or eligibility requirement Prior to receiving the tax exemption recognition the IRS compels nonprofit organizations to submit a copy of their conflict of interest IRS 2011 The conflict of interest policy present guidelines for board members when engaging in decision-making that appears in conflict with the organizations best interest Nation council of Nonprofits 2009 The conflict of interest covers issues from compensations to hiring staff voting on contract doing business with related partiesIt virtually covers all aspect of the organization because all decisions generate some type of financial implications Renz Heman 2010 Another aspect of procedural controls comes from record keeping The laws of the United States confer special tax status on nonprofit organizations NPOs for a multitude of reasons but the primary purpose for tax exemption derive from the nonprofits sector ability to relieve the burden of the state and federal government by providing
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