Why Do Nonprofits Need Financial Statement Services? Part 2: Federal Compliance
Federal compliance requirements like single audits require nonprofits to have financial statement services performed.
Federal compliance requirements like single audits require nonprofits to have financial statement services performed.
Modernizing business processes has never been more crucial for mission-driven organizations. Key indicators let nonprofits know it may be time to upgrade their technology.
Nonprofit compliance requirements vary from state to state. Private foundations, agencies, and other grantors often have their own requirements, too. It’s important for organizations to understand what these are before accepting any funding.
Starting August 1, 2022, Form 990-N filers – small nonprofits – are required to use a more streamlined, modern online filing system. ID.me, the IRS’s ID authentication system, will be required for new users.
Exempt organizations may be subject to extra taxes on certain income-generating activities. Many don’t fully understand the rules on unrelated business income, and could be unknowingly putting their organization at risk with the IRS.
Individuals considering starting their own nonprofit may be underestimating the cost and complexity to operate a sustainable organization. There are alternatives, like working with an existing nonprofit, creating a donor-advised fund, and other options.
The challenges of inflation can be difficult for nonprofits to overcome. But there are steps that nonprofits can take to limit inflation’s negative impact.
Document retention policies are a necessary part of nonprofit management, but not everyone knows how to go about file storage. Now that organizations are back in the office, it’s an excellent time to review their document management strategy.
IRS extends certain deadlines for exempt organizations in Florida, North Carolina, and South Carolina due to the impact of Hurricane Ian.
The VSCPA has released four free resource guides for nonprofit organizations to aid them in financial matters. Updated by specialists on the PBMares Not-For-Profit Team, topics include budgeting, income tax issues, responsibilities and risks, and auditing.
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