This is one of those Believe It or Not stories: Years ago, a charity generated solicitation letters from a computerized database. One letter addressed to a state Humane Society stated: "Dear Miss Society."
In the News
Thursday, August 27, 2020
Not-for-profit organizations often struggle with valuing non-cash and in-kind donations, including the value of houses and other real estate. Whether for recordkeeping purposes or when helping donors understand proper valuation for their charitable tax deductions, the task isn't easy.
Thursday, August 13, 2020
Q. Our organization is a 501(c)(3) not-for-profit organization that relies on volunteers. Sometimes our volunteers incur significant transportation and other expenses in connection with the performance of their volunteer services. We would like to pay for some of those expenses, either directly or by reimbursement, to relieve their financial burden. If we do, would the expense payments be treated as taxable income, or would the payments be excluded from income — as they are when our employees incur similar expenses?
Thursday, July 30, 2020
Maintaining detailed time records for staff may not be your favorite task. Unfortunately, it's not negotiable. Timekeeping — for volunteers and individuals paid for their work — is necessary for most not-for-profit organizations. However, there are ways to make the job less onerous.
Thursday, July 16, 2020
Does your organization have a succession plan in place? And, if it does, is it well documented? Some not-for-profits delay detailed succession planning, thinking of it as a project they'll get to "someday." But that's a mistake.
Thursday, July 2, 2020
If your not-for-profit organization expects its board members to play a fundraising role, you probably already know how difficult it can be to motivate them. They're busy people, and even when they have excellent connections, they're not always comfortable asking those in their network for money — however noble the cause. Fortunately, there are ways you can help board members overcome their reservations.
Thursday, June 18, 2020
So you think investment policies are only for not-for-profits with millions to invest? Not true. If your organization holds funds in reserve — for example, to cover emergencies or meet long-term goals — it's prudent to have investment policies. Such policies will help ensure that you manage reserve funds responsibly according to their purpose and take steps to minimize investment risk.
Thursday, June 4, 2020
With salaries on a plateau or rising only slightly at most not-for-profit organizations, employers should be alert to other ways to give their employees a financial break. Having an accountable plan for business expense reimbursement is one way to save your employees some money.
Thursday, May 21, 2020
A not-for-profit organization needs insurance to protect its directors and officers from personal liability in the event of a lawsuit.
Thursday, May 7, 2020
Let's say an established not-for-profit organization provides medical services to low-income families. The organization is approached by a group that wants to serve the same population with periodic reduced-cost dental clinics, and it has already lined up several large donations. The fledgling group, however, doesn't have 501(c)(3) status and wants the established organization to act as its fiscal sponsor.