Nonprofits

audit committee

Building an Effective Audit Committee

Nonprofit boards aren’t required to form audit committees, but having one can promote better financial reporting, fewer fraud incidents and a smoother audit process. This article explains that committee members can’t be employed by the nonprofit or its auditing firm. It also outlines some of the committee’s responsibilities.

Read More
nonprofit accounting

Nonprofit Accounting is Different: Here’s How

Nonprofit board members who come from the business sector may not grasp the differences between nonprofit and for-profit financial reporting. This article provides a cheat sheet on how financial approaches and statements, particularly for assets and liabilities, differ.

Read More
nonprofit revenue recognition grants contributions

New Revenue Guidance Provides Direction to Nonprofits

This article summarizes ASU 2018-08, which the Financial Accounting Standards Board recently issued to resolve for nonprofits’ revenue recognition issues. It covers the 2014 standard that gave rise to questions, explaining when grants should be characterized as reciprocal exchanges vs. contributions and defining conditional contributions.

Read More
santa claus holding donations cup

After the TCJA: How to Keep the Giving Going this Holiday Season

The new tax law’s increase of the standard deduction means that fewer taxpayers will now itemize, and thus be motivated to make deductible gifts to charity. This article urges nonprofits to rethink their approach to holiday fundraising. For example, they should promote the idea of “bunching” donations, take part in deadline-oriented fundraisers such as Giving Tuesday and encourage supporters to make charitable donations in lieu of giving physical gifts.

Read More

Employee Retention: Keep Them if You’ve Got Them

Today’s tight labor market can make it hard for nonprofits to recruit and retain good people. This short article gives readers several low-cost tools for holding on to the staffers they have, including career development paths.

Read More

Nonprofits: You Too Could Fall Victim to a Celebrity Scandal

Celebrity spokespeople can help raise awareness of a charity’s mission, attract new audiences, generate donations and change public opinion on a subject. But as fallout of the #MeToo movement has shown, nonprofits can also be hurt by association with a disgraced celebrity. This article talks about how to handle celebrity-related PR disasters — and prevent them from happening in the first place.

Read More

Educating Donors About What They Can – and Can’t – Deduct

To help prevent unwelcome surprises when donors file their returns, nonprofits should inform them about the tax benefits of different types of donations. This article summarizes the tax treatments of various donations, including cash, ordinary income property, capital gains property, tangible personal property, vehicles and other items.

Read More

How to Secure Lasting Corporate Support

For nonprofits, increasing corporate support is similar to establishing relationships with individual donors. But while emotional factors generally drive individuals to support a charity, companies need both emotional and strategic rationalizations. This article suggests ideas for engaging companies, including providing ways for corporate donors’ employees to get involved.

Read More
piggy bank with blank tag tied with string.

The Price of Giving: Tax Reform’s Impact on Charitable Donations

If you make substantial donations to charity, it’s important to evaluate the impact of the Tax Cuts and Jobs Act (TCJA) on the “price” of your gifts. Even though charitable giving is motivated primarily by compassion and generosity rather than the availability of tax incentives, the after-tax cost may affect the amount you’re willing or…

Read More
security lock on credit cards with computer keyboard

Stop Employee Credit Card Abuse Before It Starts

A nonprofit staffer charged legitimate travel-related expenses to her employer’s credit card. Although she intended to file an expense report, her employer never asked for it — nor did the employer question her when it received the card statement. The employee was recently divorced and under unusual financial pressure, so when she couldn’t pay for…

Read More

Ready to talk to one of our specialists?

Our specialists are all seasoned professionals who have years of experience working within your industry. Reach out to us today to schedule a consultation.