A proposed rule, issued by the U.S. Department of Labor (DOL), would update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. If finalized, the new rule could lead to higher compensation and payroll tax expenses for employers, including nonprofits. What are the current rules? Under the existing regulations, an employer…Read More
Are you certain that your nonprofit’s financially stable enough to be operating in a year? U.S. Generally Accepted Accounting Principles (GAAP) give your nonprofit a reason to evaluate that proposition. Evaluating your organization Accounting Standards Codification (ASC) 205-40 requires management to perform a going-concern evaluation each time annual or interim financial statements are issued. Management’s…Read More
The Tax Cuts and Jobs Act (TCJA) dealt several blows to the nonprofit sector. One of them is that, effective January 1, 2018, nonprofit employers are subject to tax on transportation fringe benefits provided to employees. The IRS recently released Notices 2018-99 and 2018-100 to provide guidance on this issue. This guidance may clarify matters…Read More
Meeting minutes may seem like the least important aspect of your nonprofit’s board meetings. But these records of attendance, discussions and votes are critical to protecting your organization and demonstrating your directors’ proper execution of fiduciary duty. Minutes also lend structure to meetings and motivate members to act on board decisions. So it’s important to…Read More
If your nonprofit is still in its early stages and you can’t imagine renting — let alone buying — an office facility, consider space sharing. Also referred to as “co-working,” sharing space with other organizations is a major trend in the nonprofit sector. Even established charities can enjoy benefits such as lower costs, flexibility and…Read More
Financial transactions increasingly are being conducted online — and that includes charitable donations. The Blackbaud Institute for Philanthropic Impact reports that online giving grew more than 17% between 2016 and 2018. For nonprofits without the appropriate IT infrastructure and security policies, such increased online donations can also mean greater cybercrime risk. Many nonprofits blame budgetary…Read More
According to the Center for Effective Philanthropy, practically all nonprofits in the United States (an astonishing 99% of surveyed organizations) say they solicit feedback from their clients when designing programs and services. However, resource constraints — lack of adequate staffing, funding and sophisticated technology — may mean that they don’t collect data as often as…Read More
In many organizations, the treasurer is the board of directors’ hardest working member. Depending on the duties outlined in your organization’s bylaws, this individual might manage cash flow, act as a liaison to outside auditors and craft investment policies. A role this critical to your nonprofit’s financial health should be filled by a highly qualified…Read More
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