Bo Garner, CPA, MBA

Small to medium-size nonprofits have several responsibilities to maintain their tax-exempt status and may be unaware of some of the activities that can jeopardize it. The IRS has recently released many resources to help.

Federal compliance requirements like single audits require nonprofits to have financial statement services performed.

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.

Labor shortages are hitting nonprofits harder than most industries. Strategies to address this challenge don’t have to include higher wages; there are several other potential options, like culture, recruiting, contract workers, tax credits, and more.

Election years can create uncertainty for nonprofits, even off-years and midterm elections. This article explores factors that are impacting nonprofits and what they can do to stay ahead of changing legislative priorities.

A small Virginia nonprofit thought they were doing all the right things in terms of cybersecurity, cyber insurance and safety. They found out the hard way that it wasn’t enough to avoid the damage from a hacker that knew how to manipulate their weak points.

Learn about the top challenges and opportunities facing not-for-profit organizations in 2022. Topics include tax updates, the impact of new legislation, succession planning challenges, industry best practices and the importance of a robust cybersecurity program.

More organizations are using Managed Service Providers (MSPs) to help fulfill ongoing needs, like cybersecurity and outsourced accounting. Before hiring an MSP, it’s helpful to understand the top ten areas that can impact the engagement’s success.

Not-for-profit organizations may be tempted to give gift cards to employees, volunteers, or those in need, but they need to be mindful of IRS de minimis fringe benefits rules, among other gift card considerations.

On March 19, 2021, the Office of Management and Budget issued a memo directing federal agencies to delay, by six months, the deadline for recipient organizations to submit Single Audits. The new deadlines are September 30, 2021 and March 31, 2022.

Non-public schools have an opportunity to apply for federal funding through the Emergency Assistance to Non-Public Schools (EANS) Program. Virginia participates in this program, but administrators should act quickly as the funds are limited.

The American Rescue Plan Act’s changes to the Paycheck Protection Program make it easier for more not-for-profit organizations to receive funding – but as of now, the deadline to apply for PPP funds remains March 31.

NFPs have always been adept at achieving great outcomes with few resources. This strength was put to the test even more in the past year. Whether an organization received extra funding or not, proper governance and fiscal oversight are more important than ever.

The Employee Retention Credit (ERC) incentivizes organizations to keep employees on the payroll during COVID-19, and with new rules, it’s possible to claim as much as $14,000 per employee in 2021.

It’s time to re-evaluate what liquidity actually means and how well-crafted policies can improve an organization’s operations, finances, and be a tool for educating the public, the Board, and management.

Not-for-profit organizations have been a source of hope and resources for the communities they serve, but many are still struggling with the effects of COVID-19. The latest round of stimulus relief allocated $900 billion to ongoing COVID-19 relief measures, many of which stand to benefit not-for-profits.

2020 has been a difficult year for nonprofit organizations. In difficult times, financial innovation and risk mitigation are necessary to survive and thrive when true recovery begins. During this summit, we will present the issues, trends, key takeaways, and even opportunities we have seen while serving nonprofits since the COVID-19 pandemic started.

When it comes to charitable donations, cash might be king, but in-kind contributions play a vital role, too. Donated services and tangible or intangible goods can be sources of revenue and cost savings.

Many not-for-profit organizations rely on donations. Tapping into the generosity of their stakeholders has always been an operational necessity. And in recent years, the giving environment has become more complex with changing legislation and tax policies.

After more than four years in the draft proposal stage and federal lawsuits, Congress recently enacted new overtime rules for white-collar workers.

Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.

Everything has changed with FASB’s new revenue recognition standards and it’s time for all remaining organizations to implement the new revenue recognition standards that originated in May 2014.

Not-for-profits are finally able to make sense of the confusion over the Financial Accounting Standards Board’s (FASB) new revenue recognition, Topic 606, thanks to a new standard issued June 21.

I continue to see and hear about issues that our clients and others in the nonprofit industry are having with their lenders with respect to financial statements. It is becoming more evident that many lenders do not understand nonprofit financial statements due to their unique financial reporting requirements. Below are the top 5 issues that nonprofits have with their lenders.

The IRS, through its revisions to Form 990, requires reporting by not-for-profits on a range of governance issues including board member “fiduciary duty” and their ability to gain the trust of their organization. What is fiduciary responsibility and what does it mean to the board of a not-for-profit?

As the implementation deadline of the new revenue recognition standards (ASU 2014-09) approaches, there are many companies and organizations scrambling to grasp the impact that […]

Considerations when revising nonprofit bylaws        Bylaws are the rules and principles that govern your not-for-profit organization so being familiar with what they contain, and what […]

For some nonprofit organizations, contributions are a significant source of revenue.  Proper accounting treatment for those contributions is key, which include tracking and monitoring restricted […]

The old cliché for nonprofit Board members is “give, get, or get out.” This adage may be appropriate for your organization, but each nonprofit and […]

Just about everyone recognizes the challenges and difficulties running a for-profit business, but running a not-for-profit can be just as challenging, if not more so. […]