not for profit

nonprofit fundraising contributions

Keep These 5 Points in Mind When Raising Funds

Since the Tax Cuts and Jobs Act (TCJA) was enacted in late 2017, some aspects of charitable giving have changed, but not exactly in the way some nonprofit watchers predicted. Because the TCJA widely reduced the motivation giving contributions to charity, many observers forecast that annual donations might plummet. But so far that hasn’t been…

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nonprofit file electronically

Mandatory Tax E-Filings Are Right Around the Corner

Under the newly enacted Taxpayer First Act, all nonprofits will soon need to file their information returns electronically. Depending on the size of your organization, the requirement could take effect as soon as next year. What’s required? The Taxpayer First Act requires nonprofits to file their report statements or returns in the Form 990 series…

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revenue streams

Multiple Revenue Streams: The Key to Sustainability

When the so-called Great Recession hit the nation over a decade ago, many nonprofits found themselves struggling to stay afloat financially. Not all of them survived. Organizations with only one or two sources of revenue were particularly vulnerable, yet, more than a decade later, some nonprofits continue to struggle. It’s only a matter of time…

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Auditing grant compliance

Auditing Grant Compliance

Has your organization received any public or private grants to fund its growth? Grants sometimes require an independent audit by a qualified accounting firm. Here’s what grant recipients should know to help facilitate matters and ensure compliance at all levels. Federal compliance Federal awards require compliance with the Uniform Administrative Requirements, Cost Principles, and Audit…

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gen z volunteer

Philanthrokids: The Next Generation of Donors is Here

It’s not hard to find insights and advice about the importance of appealing to potential donors who are Millennials, Generation Xers and Baby Boomers. But you should also start thinking about the next crop of donors — Generation Z, those born after 1996. Getting to know Gen Z Gen Zers typically are either in school…

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volunteer tax break

Volunteering for Charity: Do You Get a Tax Break?

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may…

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overtime

New Overtime Rules Could Inflate Payroll Expenses

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…

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nonprofit's ASC 205-40

Attesting to Your Nonprofit’s Ability to Survive

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…

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transportation benefits

IRS Offers Nonprofits New Transportation Benefits Guidance

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…

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meeting minutes

Best Practices for Effective Board Meeting Minutes

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…

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