Nonprofits

News for Nonprofits: Summer 2022

How federal legislation may affect DAF distribution timelines A bipartisan group of legislators has introduced the Accelerating Charitable Efforts (ACE) Act in the U.S. House of Representatives. The ACE Act mirrors a bill introduced in the Senate in June 2021. It would create two new types of donor-advised funds (DAFs) — 15-year (or qualified) and…

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Have a Little Faith: IRS and Fraud Concerns for Faith-Based Nonprofits

Religious congregations must comply with IRS rules and federal and state laws. But because they don’t have to file income tax returns, some fail to engage independent financial experts. Without that oversight, congregation leaders may not know all the requirements to which they’re subject and internal controls could be lacking. This leaves them vulnerable to…

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Giving Circles Surge in Popularity: What It Means for Nonprofits

According to the Dorothy A. Johnson Center for Philanthropy, giving circles have tripled in number since 2007, to about 1,600 groups with more than 46,000 members in the United States. With almost $1.3 billion in grants already made by giving circles, your nonprofit should ensure it’s on the circles’ radar. Small groups, big impact Giving…

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Ready for the New Gifts-In-Kind Reporting Requirements?

The Financial Accounting Standards Board (FASB) has new rules for how nonprofits that follow Generally Accepted Accounting Principles (GAAP) must report and value “nonfinancial assistance” — commonly known as gifts in kind. The changes are effective for annual periods beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022.…

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News for Nonprofits: Spring 2022

Support for female causes growing slowly While women’s and girls’ organizations have seen some gains in recent years, a new report from the Lilly Family School of Philanthropy at Indiana University finds they still account for a small percentage of giving. According to “The Women & Girls Index: Measuring Giving to Women’s And Girls’ Causes,”…

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Changes Are Coming to Your Auditor’s Report

The American Institute of Certified Public Accountants (AICPA) Auditing Standards Board’s latest standards are kicking in, and many nonprofits will notice resulting changes to the format and content of auditor reports on their organizations’ financial statements. The updates are intended to make auditor reports more meaningful and transparent for the users of financial statements, including…

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Internet Phishing Schemes: How to Protect Your Nonprofit From Cyberattacks

The COVID-19 pandemic has resulted in numerous risks for nonprofit organizations. In addition to health-related risks and financial challenges, the pandemic has intensified the threat of cyberattacks. Hackers have grown more sophisticated in recent years. They often target nonprofits because charities hold confidential donor data but may fail to safeguard such data. And the cost…

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4 Tips for Rebuilding Your Operating Reserves

The COVID-19 pandemic has driven home many lessons for nonprofits, perhaps none so much as the importance of operating reserves. If your nonprofit is among those organizations with dramatically depleted — or nonexistent — reserves, here are some steps you can take to remedy the situation. 1. Achieve buy-in. It sometimes can be difficult to…

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News for Nonprofits Winter 2022

Survey finds mixed results on public trust A new survey from Independent Sector reveals some worrisome trends regarding the public trust in nonprofit and philanthropic organizations. As the survey report highlights, trust is a necessary condition for many Americans’ support. Examples of nonprofits for purposes of the survey include churches and religious organizations, health and…

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Strategic Planning: Using a “Real-Time” Approach to Guide Your Future

As we move toward a post-COVID-19 economy, it’s a great time to do some strategic planning. And the way nonprofits go about strategic planning may be ready for an update as well. By adopting a more fluid and ongoing approach known as “real-time strategic planning” (RTSP), nonprofits can quickly and efficiently identify, understand and act…

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