Nonprofits
Many nonprofits rely on contributions of nonfinancial assets, such as fixed assets (land, buildings, equipment), services, and materials and supplies, called gifts-in-kind. New rules from the Financial Accounting Standards Board (FASB) are intended to increase transparency around such donations. The FASB is finalizing a new standard on handling gifts-in-kind donations. It released a proposed Accounting…
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Corporate matching gift programs are an almost surefire way to make the most of charitably minded companies and their gift-giving employees. According to Giving in Numbers: 2019 Edition by the Committee Encouraging Corporate Philanthropy, nine out of 10 responding companies said they offered an employee matching gift program. The resulting donations accounted for nearly 11%…
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Amidst an economic crisis, the idea of undergoing an external audit may not be appealing. But it’s a valuable tool for demonstrating your financial condition to stakeholders — perhaps more important than ever in the shadow of COVID-19. Here are some preparatory steps you can take to make the annual audit process less expensive and…
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On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts in kind can play an important role in ensuring a charity functions effectively. They may…
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Nonprofits of all kinds once again face a nationwide economic crisis, this time caused by the COVID-19 pandemic. The challenges are daunting, but previous recessions may provide a road map for helping organizations navigate the far-reaching effects of the virus. The path forward starts with strategically cutting costs that contains expenses but allows you to…
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Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when an external audit isn’t mandated, however, it’s often recommended. These audits can provide assurance to donors and other stakeholders that your organization is operating with integrity and within…
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The federal government has enacted various pieces of legislation providing relief to employers, including nonprofits, suffering financially due to the COVID-19 pandemic. While much of public attention has focused on government lending programs, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes two other notable provisions that could aid struggling organizations. 1. Retention…
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It can be a tough scenario to confront: First you had your employees working from home due to the COVID-19 pandemic. Now they want to stay there permanently. Should you allow employees to continue working from home more than they have in the past? Or do you think “This just isn’t working” for one or…
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The COVID-19 pandemic has greatly disrupted the overall economy, with unprecedented state government expenses, historic job losses, shuttering of businesses and volatile stock markets. The implications for nonprofits that rely heavily on state funding and individual and business donations are obvious. But this isn’t the first economic downturn the sector has faced. Experiences such as…
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The heightened fundraising needs many nonprofits are feeling right now make it important that potential donors understand the tax benefits they stand to reap. Here are some of the advantages you should convey to encourage their support. Temporary incentives The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in late March, expands the…
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