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Receive an IRS audit letter? Here’s what you need to do.

By | 2017-05-24T13:42:03+00:00 February 15th, 2017|Non-profits|

In recent years, the IRS has increased its scrutiny — including actual audits — of not-for-profits. Do you know what to do if your organization receives an audit letter? What is an audit? An audit begins with the initial contact from the IRS and continues until a closing letter is issued. Before closing an audit, [...]

Defining a not-for-profit’s operating reserve

By | 2017-05-24T13:42:04+00:00 October 14th, 2016|Non-profits|

What is an operating reserve? And how much is too little — or too much? Let’s take a look. What it is An operating reserve is a portion of an organization’s net assets that’s unrestricted and relatively liquid. But it shouldn’t be defined so narrowly that it only includes cash or cash equivalents. (That would [...]

Micro-donations could mean more dollars for your non-profit

By | 2017-05-24T13:42:04+00:00 October 5th, 2016|Non-profits|

There are few better feelings when you work at a non-profit then when your organization receives a large gift. But small donations can be just as critical to your organization’s well-being. The latest trend in giving is the micro-donation- through days of giving (such as #GivingTuesday) or crowd-funded online giving sites. If your non-profit isn't already soliciting these types of gifts, [...]

Keep Current Internal Controls for your Not-for-Profit

By | 2017-05-24T13:42:05+00:00 September 2nd, 2016|Non-profits|

Your nonprofit’s internal controls are strong only if they’re current. So perform a risk assessment every time you experience major organizational changes, such as significant expansion, or when factors such as the loss of a large grant put new stresses on your not-for-profit. Two functions deserve particular scrutiny: 1. Cash inflows Receiving funds is an [...]

Cause Marketing For Your Nonprofit

By | 2017-05-24T13:42:05+00:00 August 26th, 2016|Non-profits|

Although corporations and not-for-profits have been teaming up for decades, “cause marketing” partnerships have recently gained new popularity. Cause marketing  is a type of marketing that combines the efforts of a for-profit and a non-profit organization for mutual benefit. Types of Relationships Whatever your not-for-profit’s mission, location or size, you’re likely to find a cause [...]

Could merging make your nonprofit twice as effective?

By | 2017-05-24T13:42:06+00:00 August 15th, 2016|Non-profits|

If your not-for-profit is struggling and other organizations provide similar services in your community, you may want to consider a merger. Teaming up with another nonprofit may enable you to pool resources, cut costs and possibly better serve your constituents. The right choice? A merger may be appropriate if: Your organization has experienced steady declines [...]

6 Common Not-For-Profit Accounting Mistakes

By | 2017-05-24T13:42:15+00:00 August 31st, 2015|Audit & Accounting, Non-profits|

With almost any organization, your accounting function is important and should be reviewed regularly. I have seen the following six errors made by not-for-profits organizations. Make sure your finance department addresses each area.

Tax Deadlines for Non-Profit Organizations

By | 2017-05-24T13:42:17+00:00 April 20th, 2015|Non-profits, Tax Planning|

Nonprofit groups having a December year-end claiming tax-exempt status have until May 15, 2015, to file returns for the 2014 tax year. Here are the answers to several common questions on this topic. Nonprofit Filing Exemptions There are certain exceptions in the law for filing a nonprofit tax return. For example, the following nonprofits are [...]

Independent Audits for Nonprofits

By | 2017-05-24T13:42:23+00:00 August 6th, 2014|Articles, Audit & Accounting, Non-profits|

I have recently written  about the importance of “Not-For-Profits and Transparency.”   Although preparing financial statements is the  organization’s responsibility, an independent audit of those statements can  give granting agencies, donors and others confidence that the numbers are  accurate and properly reported. CPA Performed Independent Audit There are many  kinds of audits, including those conducted by state [...]

Not-For-Profits and Transparency

By | 2017-05-24T13:42:23+00:00 August 4th, 2014|Audit & Accounting, Non-profits|

To most nonprofits “transparency” connotes the need to make financial statements more readily understandable, and suggests being open about all aspects of their operations. Since the IRS revised Form 990 several years ago to require the disclosure of a range of information, transparency has become more important for nonprofits. Protecting Your Not-For-Profit Through Transparency Reputation [...]

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