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.
Not-for-profits have to report all donations they receive throughout the year. But not all donations are created equal. It can be difficult to determine if the funds are a charitable donation or an exchange transaction. Read on and learn what factors can help determine how the funds should be reported.
Modern technology has allowed us many advantages in the workplace. However, certain issues such as operational inefficiencies and data breaches are still relatively common among organizations today. There are relatively new technologies available to address such issues – in particular, Robotic Process Automation (RPA) and blockchain.
In June 2018, Giving USA issued their annual giving report estimating charitable giving in the U.S. totaled $410 billion for 2017, an increase of 5.2 percent or $20.38 billion over the prior year. Giving by each of the four major types, Individuals, Foundations, Bequests, and Corporations, saw increases over the prior year.
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.
Nonprofit organizations have a fiduciary role in managing investments that are the result of donor gifts. For those with endowment funds, there are laws and regulations outlining fiduciary responsibilities with respect to those funds and how the funds are invested and allocated for expenditure. Large nonprofit organizations with significant investments have the resources to engage large institutional investment managers to assist in managing their investment portfolios.
According to the 2017 Donor-Advised Fund Report created by the National Philanthropic Trust (NPT), individual giving accounted for $281.86 billion, or 72%, of all charitable [...]
One problem that every not-for-profit organization encounters is the need to raise money to fulfill the organization’s purpose. A great way to motivate donors and reduce fundraising pressures on your staff is through building and strengthening relationships with individual donors. This is especially true with major donors, or those donors who make a major investment in your organization.
Donations and contributions are the lifeblood for many not-for-profit organizations. Without the generosity of donors, these organizations would cease to exist. For this reason, keeping [...]
When it comes to preparing individual tax returns, many individuals wonder what kind of documentation they need to support their charitable contributions. First and foremost, [...]