Accurate, relevant and timely financial information is key to making good decisions for not-for-profit executives and board members. But do all of your board members really understand the numbers they receive and what they mean to your organization?
In the News
Friday, March 29, 2019
In order to qualify as a tax-exempt entity, a not-for-profit organization must comply with certain federal income tax laws. To prove compliance, you must maintain records. There is no required record keeping system. Your organization can choose any system that suits its activities and clearly shows your income and expenses.
Thursday, March 14, 2019
Most tax-exempt organizations must file Form 990 with the IRS. This form, titled Return of Organization Exempt from Income Tax, has significant implications for not-for-profit organizations. The compensation of officers, directors, trustees, key employees and others in tax-exempt organizations has always been scrutinized by the IRS. That is why compensation reporting is so important on Form 990.
Thursday, February 28, 2019
Organizations that are created to provide goods or services exclusively (or primarily) to Section 501(c)(3) organizations (or governmental entities) may think that this purpose is sufficient to also qualify them under tax law. However, providing commercial type services exclusively to exempt organizations is not by itself an exempt purpose. Much more is required for qualification under the rules of Internal Revenue Code Section 501(c)(3) than just having a mission to assist charitable organizations.
Thursday, February 14, 2019
Many not-for-profit organizations are concerned about the provisions of the Tax Cuts and Jobs Act (TCJA) that are affecting charitable giving. But the law also contains some important requirements involving unrelated business income tax (UBIT). If you engage in "unrelated business" — and even if you don't — you could find that your UBIT liability increases under the law.
Thursday, January 31, 2019
They say "No Pain, No Gain," and the expression applies to the life cycle of not-for-profit organizations, as well as athletes who hit the gym, tennis court or golf course on weekends
Thursday, January 17, 2019
Documentation and accountability are always important in business, but even more so for a not-for-profit agency. The sheer number of duties can be daunting. That's why it's crucial to have tools which allow you to stay on top of the details.
Thursday, January 3, 2019
As a not-for-profit, tax-exempt organization, you might think the subject of "uncertain tax positions" (UTPs) doesn't apply to you. Think again. Some of the basics of your operations, including your tax-exempt status, could create uncertain tax positions that trigger critical reporting obligations.
Thursday, December 20, 2018
What should you do if your not-for-profit organization is short on staff and you don't have the funds or confidence in the future to hire employees -- or even to retain all the ones you have?
Friday, December 7, 2018
For-profit subsidiaries of not-for-profit organizations are strikingly diverse. Consider these real-life examples: In one part of the country, a not-for-profit health maintenance organization (HMO) creates a for-profit subsidiary to offer health insurance unavailable through HMOs.