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 [...]
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.
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?
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 [...]
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 [...]
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 [...]
Does your not-for-profit team know what to do if you receive an IRS audit letter? In recent years, the Internal Revenue Service has increased its [...]
If your not-for-profit is “stuck” and you’re not sure how to move forward, consider adopting some for-profit business practices. The essential missions of businesses and [...]
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 [...]