The Importance of a Nonprofit Audit Committee

Transparency and accuracy of a nonprofit’s financial statements has become even more vital over the years.  Having an audit committee should be essential part of [...]

Tax Reform May Negatively Impact Charitable Contributions

The 2017 Tax Cuts and Jobs Act (the Act) passed by Congress on December 22, 2017 marks the most significant tax law changes in over 30 years. Most taxpayers will see their tax liability decrease. The Congressional Budget Office estimates the Act will reduce tax revenues by $1.455 trillion over the next 10 years. But all is not good for non-profit organizations as there are changes in the Act that may negatively impact charitable contributions.

2019-07-24T19:50:28-04:00February 9, 2018|Categories: Not-for-Profit, Tax: Individual|Tags: , , |

Top 5 Issues Lenders Have With Nonprofit Financials

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.

2018-08-17T15:31:14-04:00October 25, 2017|Categories: Not-for-Profit|Tags: , |

Fiduciary Responsibility: An Expectation of Trust

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?

2018-10-11T16:07:52-04:00September 26, 2017|Categories: Not-for-Profit|Tags: , , |

Do You Know Your Fiduciary Duties as a Nonprofit Board Member?

Now is a good time to review the roles and responsibilities of your nonprofit board. Interest in the governance practices of nonprofit organizations has grown [...]

2018-09-19T21:55:11-04:00May 3, 2017|Categories: Not-for-Profit|Tags: , , |

A Whistleblower Policy Protects Not-For-Profits

Whistleblower policies allow individuals to report illegal or unethical practices without risking their career. While no federal law specifically requires not-for-profits to have a whistleblower [...]

2018-10-30T17:31:02-04:00February 21, 2017|Categories: Not-for-Profit|Tags: , , , , |

Increasing the Standard Deduction Will Decrease Charitable Giving

For tax year 2014, there were 43,965,083 individual tax returns filed that itemized deductions on Schedule A.  The total amount of itemized deductions in 2014 [...]

2019-05-31T19:37:04-04:00February 1, 2017|Categories: Not-for-Profit, Tax: Individual, Wealth Management|Tags: , , , |