When times are tough, nonprofits rely on their board of directors for leadership more than ever. Unfortunately, not every nonprofit board is equipped to lead well in a crisis. They might not have enough people, or lack the knowledge and experience that is needed to meet the latest challenge. If your … Read More
Most of us know that there are situations when charitable contributions are ineligible for tax deductions. This can be so even when someone itemizes their deductions and gives to tax-exempt organizations. One of these situations is “quid pro quo” donations. The IRS defines quid pro quo contributions … Read More
There’s no question that the COVID-19 pandemic has turned our economy upside down. Massive unemployment and shutdowns are causing a reduced ability for your nonprofit to function at the same time that demand for services is soaring. Unfortunately, it also means that many nonprofit donors are … Read More
There’s no question that the Novel Coronavirus has caused chaos across our country, and nonprofits are not exempt. Some nonprofits, including California nonprofits, are overwhelmed with requests for services or financial help, while others have been forced to close temporarily. Either way, it’s … Read More
Most of us worry about getting audited occasionally. After all, the IRS loves to get nosy with our personal taxes. But with nonprofits, the reasons for an audit are even more complicated. Fortunately, our qualified CPA firm can help you navigate federal and state regulations with nonprofit audit … Read More
For most charitable gifts, the ability to qualify for a tax deduction hasn’t changed with the passage of the Tax Cuts and Jobs Act. However, there are some changes to the recordkeeping requirements. Understanding these changes, and being able to help those donors who itemize deductions navigate … Read More
If your top executive were to step down tomorrow, would your not-for-profit company be able to make a smooth leadership transition or would there be an overall lack of direction? According to the nonprofit BoardSource, only 27% of nonprofits have written succession plans. Unfortunately, without a … Read More
A strong corps of volunteers who operate within a robust volunteer program can be a huge help to many nonprofits. Where employees or outside professionals like lawyers or nonprofit audit services are not needed, volunteers can step in and provide vital assistance in day-to-day operations or annual … Read More
For many not-for-profits, it's time to enlist the help of nonprofit audit services to get everything in order for end-of-the-quarter or end-of-the-year accounting. The good news is, there is new guidance from the Financial Accounting Standards Board (FASB) that helps organizations navigate the … Read More
At the heart of every nonprofit organization is its mission, and a part of the fundamental financial scaffolding that helps an organization achieve its mission is its tax-exempt status. This status not only allows nonprofits to avoid the costly tax obligations of for-profit businesses, but it also … Read More