Nonprofits
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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After the Financial Accounting Standards Board’s (FASB’s) 2014 release of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, many nonprofits were confused about whether grants and similar contracts were covered by these new revenue recognition rules. The FASB’s subsequent issuance of ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and…
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Many nonprofits take time to develop disaster plans in anticipation of natural disasters, active shooter situations and other harrowing events. They may not, however, think about handling a crisis such as sexual harassment or embezzlement allegations against a leader, a regrettable social media post or similar circumstances that could generate significant damage. Here’s how to…
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On December 20, 2019, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” was signed into law for the 2020 fiscal year. The legislation included a provision which has repealed IRC Section 512(a)(7), known as the “Parking Tax” for tax-exempt entities, as well as a provision that simplified the net investment income tax imposed…
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A landmark ruling by the U.S. Supreme Court in 2018 dramatically expanded the ability of states to impose sales tax collection obligations on out-of-state organizations that sell goods and services within their boundaries. Since then, state legislatures and municipalities have scrambled to pass laws targeting organizations that lack a physical presence in their jurisdictions. Some…
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Collective impact, an approach that’s growing among nonprofits, is more than just collaboration. Its originators describe the phrase as the commitment of a group of important players from different sectors to a common agenda for solving a specific social problem. That includes the nonprofits themselves, government, businesses and constituent communities. In the Stanford Social Innovation…
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Sending thank-yous to your donors doesn’t just make sense in terms of building and maintaining relationships. The IRS mandates that taxpayers substantiate single contributions of $250 or more with contemporaneous written acknowledgments. Here’s what you should include in those acknowledgments. The essentials A written contribution acknowledgment should contain: The name of your organization, The amount…
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