Mike is getting nervous with all the complexities involved in running a business and is instead considering an offer to join the local environmental organization trying to preserve park land in his suburban hometown. Mike would serve as its executive director for this 501(c)(3) qualified not-for-profit corporation in charge of a staff of 10 employees. The organizations goals is broadly to promote efforts towards environmental stewardship through education of land related issues and eventually raising enough money to purchase private land and create public preserved open space. Advise Mike on legal requirements he should consider to maintain the organizations not-for-profit status, and 3 additional legal considerations to be aware of in managing a not-for-profit entity.