Nonprofit Obligations Under a Memorandum of Understanding
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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.
AuthorsSamuel J. Erkonen, Howe & Hutton, Ltd.
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