not for profit
Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions — based on…
With many nonprofit employees continuing to work at home, engagement and morale can suffer. But more than a year into the pandemic, some best practices have emerged for combating feelings…
Operating reserves — generally, unrestricted assets you can easily tap — are often called “rainy day funds.” But stable reserves are critical for far more pressing reasons than the metaphorical…
The pandemic and ensuing economic downturn have put many nonprofits on shaky ground. In crises such as these, solid board leadership is more essential than ever — critical decisions affecting…
The COVID-19 relief legislation signed into law in December 2020 includes some provisions that could be a boost to donors and the nonprofits they support. For example, it extends the…
Provisions in the Tax Cuts and Jobs Act have brought renewed attention to nonprofits’ potential liability for unrelated business income tax (UBIT). Organizations generally are subject to a 21% tax…
Some nonprofits have been forced to restructure their organizations due to the economic challenges of the COVID-19 pandemic. Fortunately, IRS rule changes from a couple of years ago make the…
The pandemic has forced many nonprofits to change to work-at-home mode for extended periods, and some may remain there even as COVID-19 recedes. This shift in operations offers potential advantages,…
Donors and funders want to know how your nonprofit uses its financial resources — maybe even more than ever during this difficult time. Rules issued by the Financial Accounting Standards…
With the COVID-19 crisis pushing people across the country into financial hardship, it’s natural that some nonprofits want to extend a helping hand to staff members. The good news is…
The IRS issued its final regulations on the tax treatment of transfers made to charitable entities in return for “consideration.” Among other things, the rules tackle a recent tax strategy…
Artificial intelligence (AI) has made an impact on a wide range of industries, including the nonprofit sector. Although some organizations might find this evolving technology daunting and cost-prohibitive, AI tools…
Many nonprofits rely on contributions of nonfinancial assets, such as fixed assets (land, buildings, equipment), services, and materials and supplies, called gifts-in-kind. New rules from the Financial Accounting Standards Board…
Corporate matching gift programs are an almost surefire way to make the most of charitably minded companies and their gift-giving employees. According to Giving in Numbers: 2019 Edition by the…
Amidst an economic crisis, the idea of undergoing an external audit may not be appealing. But it’s a valuable tool for demonstrating your financial condition to stakeholders — perhaps more…