1. Be very careful about the money. Where it comes from and how it is spent will rank among the most important details in your life.

2. Never ever forget why you decided to organize as a nonprofit! Everything in this book is designed to help you do your work — not to become your work.

3. Nonprofits are not the magic key to gaining outside funding. In reality, grants are few and far between, and the competition for them is intense.

4. The vast majority of new nonprofit organizations fail within two years. This is a simple fact.

5. Your board of directors is responsible for the organization. They may not always agree with you, even if you did help start it.

6. Nonprofits make communities stronger by bringing people together for a common goal. They can empower communities and all the people working in them.

7. A state nonprofit is NOT the same as a federal nonprofit! If you have not filed for federal tax exemption, you are simply incorporated in your state.

8. Never imply you have federal tax exemption or that contributions are tax deductible if you only have state incorporation papers. It just confuses everyone and will cause trouble down the road.

9. On the first read, the rules established by the IRS may seem very difficult to understand and follow. However, when you become familiar with them, they will actually help you remember why a nonprofit is different than a for-profit business and will remind you of the wonderful position nonprofits hold in our society.

10. If it isn't on paper, it doesn't exist! Record keeping, from the first meeting of your group to all communication with the IRS, must be documented.