Correcting the mistakes or changing policies will improve financial reporting, operational efficiency, and result in a smoother audit. Failure to address the audit findings may result in business operations disruptions and delay the issuance of the audited financial statements. Tips for Addressing … Read More
Balancing the budget for a nonprofit organization can be a difficult task especially since many are under the belief that you can't have a surplus at the end of the year. The truth is nonprofits can indeed make a profit and many do end the fiscal year with an excess in the budget. This occurs when … Read More
As nonprofit organizations recover from the rush of giving around the holiday season, many are left wondering how to appropriately keep accurate fundraising records. Along with maintaining the privacy of personal information and keeping fundraising data easy to access, organizations must also follow … Read More
Many people assume that all nonprofit organizations are automatically exempted from all sales and use taxes. This is not necessarily the case. Organizations are subject to taxes unless there is a specific exclusion or exemption. Tax law is complex and ever-changing and varies from state to … Read More
If you operate a business that is formed as a partnership or S-corp, March 15 the deadline for filing your business returns is around the corner. For individuals, the tax deadline falls on Tuesday, April 18, 2017. As you start to reconcile accounts and gather your papers, we have a few suggestions … Read More
One of the most common inquiries from nonprofit leaders is whether their organization is required to submit to an audit or financial review. The answer depends on the type and size of your nonprofit corporation. The laws that regulate independent audits of nonprofits differ from state to state. … Read More
Every corporation is required to have directors and officers. This includes public benefit corporations. Your nomination to the role of nonprofit board member is a tremendous honor, and also a great responsibility. As a board member of a nonprofit organization, you are subject to specific … Read More
Developing a cost allocation plan for a nonprofit organization can be a tricky process. Understanding how a cost allocation plan (CAP) works is critical to responsible financial management and reporting; however, not all nonprofit organizations realize its importance. How costs are allocated affects … Read More
As the holiday season approaches, thoughts turn to gift giving. Many employers choose this joyous season to recognize and celebrate with their employees. While sharing gifts in the workplace is common, nonprofit leaders must take care during the holiday season to ensure that they are following tax … Read More
As the end of the traditional tax year approaches, giving is on the minds of many business leaders and philanthropists. It’s a busy season for nonprofit professionals and you’re likely ramping up your fundraising efforts so that your organization has every opportunity to meet its financial … Read More