Nonprofits

nonprofit strategically cutting costs

Reduce Your Costs to Cope with COVID-19

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…

Read More
external audit nonprofit

An External Audit Offers Many Benefits to Nonprofits

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…

Read More
CARES Act

CARES Act: Don’t Overlook 2 Valuable Provisions

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…

Read More
working from home

Making Long-Term Decisions About Working from Home

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…

Read More
surviving an economic downturn

5 Steps for Surviving Tough Economic Times

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…

Read More
donation tax benefits

What Your Donors Need to Know About Taxes and Contributions

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…

Read More
accounting for contributions

Still Struggling With How to Account for Contributions?

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…

Read More
crisis management plan

Prepare Now to Handle a Reputation-Damaging Crisis

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…

Read More

New Tax Law Changes for Nonprofit and Private Foundations

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…

Read More
nonprofit sales tax

South Dakota v. Wayfair, Inc.: What This Sales Tax Case Means for Nonprofits

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…

Read More