not for profit

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…

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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…

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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…

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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…

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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…

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collective impact

Collective Impact Inquiries Rely on Harmony

Collective impact, an approach that’s growing among nonprofits, is more than just collaboration. Its originators describe the phrase as the commitment of a group of important players from different sectors…

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acknowledgments

Writing Donation Acknowledgment Letters

Sending thank-yous to your donors doesn’t just make sense in terms of building and maintaining relationships. The IRS mandates that taxpayers substantiate single contributions of $250 or more with contemporaneous…

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nonprofit tax exempt status could be revoked

Protect Your Exempt Status in Election 2020

Nonprofits that are tax-exempt as 501(c)(3) organizations, including charities and churches, are barred from participating or intervening in any political campaign for or against a candidate for public office. Organizations…

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nonprofit guidance for contribution

Nonprofits: Are You Ready for the New Contribution Guidance?

When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for…

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FASB simplifies merger accounting for nonprofits

FASB Simplifies Merger Accounting for Nonprofits

The Financial Accounting Standards Board (FASB) recently issued guidance that should ease the financial reporting burden on nonprofits that enter “business combinations,” such as mergers and acquisitions. The title of…

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