nonprofit
Charlotte thought she knew everything about running a not-for-profit community hospital. So the CEO was shocked when the IRS contacted her hospital about potentially losing its tax-exempt status. The IRS mentioned…
Even when they’re nonprofits, trade associations and chambers of commerce generally qualify for a tax exemption under Section 501(c)(6) of the Internal Revenue Code, not Sec. 501(c)(3). And these “business leagues” (as…
If you think the recorded minutes of your nonprofit’s board meetings are just a formality, think again. Meeting minutes can become critical documents if, for example, your organization is audited…
Relatively high interest rates and tight lending standards are making it difficult for even for-profit businesses to apply and qualify for bank loans. But not-for-profits, which may lack adequate collateral…
Most established not-for-profits are already equipped to solicit and accept planned gifts. But if your nonprofit is new to planned giving and doesn’t yet understand the long-term advantages of deferred gifts,…
Ideally, a nonprofit’s board of directors should mirror that of its community and clientele. Does yours? Identifying that your board needs more diversity is the easy part, though. Figuring out…
Just because you run a not-for-profit organization doesn’t mean you can function on low or no income. Although your nonprofit’s tax-exempt status prohibits certain money-making activities, you may be able…
In recent years, the IRS has increased its scrutiny of tax-exempt organizations. Most nonprofits that fail to file Form 990 for three consecutive years will have their exempt status revoked…
A merger may seem like something that happens in the for-profit world, where companies often combine to expand sales territory, gain competitive advantages and boost profits. But, in fact, mergers…
If a donor has never asked your not-for-profit to return a gift, it may only be a matter of time. Although uncommon, donors can change their minds. They may come…
Do you know the value of your volunteers? The value of a volunteer hour is now estimated to be $31.80 — a 6.2% increase compared to 2021. This figure was…
Make balance sheets and income statements understandable. A nonprofit organization’s board of directors might include accountants, bankers or investment managers. It also might include business or community leaders with expertise…
In late 2022, President Biden signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Following 2019’s bipartisan SECURE Act, the latest legislation is intended to…
Many nonprofit organizations are under no legal obligation to have annual, or even regular, financial statement audits. But your organization might want to consider going through the process anyway. It…
Within a period of just a month, a Minnesota woman was charged with skimming more than $300,000 from her animal rescue charity, a Florida man was charged with multiple felonies for…