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Data Analytics Drive Compliance Efforts in the 2018 IRS Work Plan for Not-For-Profits
Posted by Betty Isler on Tue, Oct 31, 2017 @ 01:50 PM

Data-driven analytics are here to stay when it comes to compliance enforcement for not-for-profit organizations. The IRS Tax Exempt and Government Entities FY2018 Work Plan outlines strategies and approaches that the IRS will use to monitor tax compliance for tax-exempt organizations.

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Topics: not-for-profit, IRS, Non-profits, NFP, tax compliance, Betty Isler, tax exempt bonds, NFP Compliance, 2018 IRS Work Plan, tax-exempt organizations, IRS Work Plan

Tap Into Relief Efforts Without Drilling Too Deep: Tips for Fundraising After a Natural Disaster
Posted by Dyan Reinhold on Tue, Oct 31, 2017 @ 11:50 AM

Natural disasters and other unexpected, disruptive events can bring out the best in people. Community members want to help in any way they can, and one of the easiest ways to lend a hand is through donations.

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Topics: Dyan Reinhold, non-for-profit, Non-profits, fundraising, Donations, natural disaster, fundraising tips

Frequently Asked Questions About Not-For-Profit Audits
Posted by Joyce Masse Troy on Mon, Oct 23, 2017 @ 04:11 PM

A financial statement audit is bound to produce questions on financial statement reporting, and many are matters that are better addressed before the start of the audit. Questions addressed during the reporting year can save not-for-profit organizations a lot of time during their next audit and could eliminate potential control deficiencies reported as a result of addressing these prior to the audit. The following are among the top questions we routinely hear from our clients.

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Topics: Joyce Masse Troy, not-for-profit, endowment funds, Not-For-Profit Audits, Split-Interest Agreements, financial statement audit, financial statement reporting

How to Navigate a Merger or Acquisition in the Not-For-Profit Sector
Posted by Brent Wilson on Wed, Sep 27, 2017 @ 07:38 PM

Mergers and acquisitions aren’t part of a typical not-for-profit organization’s growth strategy, but they may be a resource worth considering. As with the for-profit sector, a strategic merger or acquisition can enhance service offerings and strengthen marketplace position. It may also extend the reach of an organization’s mission and enable the organization to serve a broader audience.

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Topics: Brent Wilson, Not-for-Profits, NFP, m&a, not-for-profit acquisition, mergers and acquisition, nonprofit merger

Overtime Rules Thrown Out for Now
Posted by Karen McLeese on Sun, Sep 24, 2017 @ 01:46 PM

Many will recall that modification to the Department of Labor’s (DOL) Wage and Hour Division overtime rules were to take effect on December 1, 2016.  In large part, these rules would have changed the salary basis on which overtime is determined, raising it from an equivalent of $23,660 per year to a new level equivalent of $47,476 per year, and tying it to a regular inflationary increase. 

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Topics: Karen McLeese, Overtime, Overtime Rules

Top Ten Insurance Claim Tips
Posted by Michael LoGiudice on Thu, Sep 21, 2017 @ 01:47 PM

When you and your insurance company are on the same page, missteps are avoided and payments can be made more quickly. Below are 10 tips to help you repair your damage after a disaster, settle your insurance claim and get back in business in a timely manner.  

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Topics: Insurance, Insurance Claim, Michael LoGiudice

Engaging Millennials in a Multi-Generational Workforce
Posted by Mike Nichols on Thu, Aug 31, 2017 @ 01:19 PM

Generations have always mixed together in the workforce, but today it appears that we are experiencing an unprecedented mix of four, and recently up to five, generations in today’s workplace. As each generation brings its own expectations to the workplace, managers are challenged to understand and respond in a manner that builds engagement and achieves results.

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Topics: Non-profits, Not-for-Profits, Gen X, Mike Nichols, Millennials, workforce, multigenerational organization, employee engagement, baby boomers

Proposed ASU Aims to Clarify Revenue Recognition for Not-For-Profits
Posted by Michelle Spriggs on Thu, Aug 31, 2017 @ 10:39 AM

The Financial Accounting Standards Board (FASB) recently issued a proposed accounting standards update, Not-for-Profit Entities (Topic 958) Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.  This proposed update is designed to clarify revenue recognition related to grants and contracts and contributions. Released in early August, the proposed changes would help not-for-profits evaluate whether grants and contracts meet the definition of nonreciprocal transactions, or contributions.  If transactions meet this definition, they would be excluded from ASU 2014-09 Revenue from Contracts with Customers, referred to as the new revenue recognition standard, and therefore require following of the contribution guidance. Alternatively, if a transaction meets the definition of a reciprocal transaction, or an exchange transaction similar to a contract with a customer, then the new revenue recognition standard would apply.

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Topics: Revenue Recognition Standard, not-for-profit, Michelle Spriggs, NFP, Revenue recognition, nonprofit, revenue recognition for nonprofits

How to Make Your Grant Application Stand Out
Posted by Scott Goldberg on Tue, Aug 29, 2017 @ 12:48 PM

Competition for funding is almost always fierce, and at the end of the day, it can be difficult to know why one not-for-profit’s grant application is selected over another’s. We recently received an inside look at the grant-making process, and the experience provided some additional insights into the type of information and requests that make a grant application appealing to grant-makers.

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Topics: Non-profits, Not-for-Profits, Scott Goldberg, funding, grant application

Substantiate, Substantiate, and Substantiate: A Friendly Reminder for Not-For-Profit Organizations and their Donors
Posted by Amy O’Loughlin on Tue, Aug 22, 2017 @ 06:06 PM

Donations to not-for-profit organizations are normally a win-win for organizations and their donors. Organizations receive gifts to help support their mission, and the donor receives a tax write-off. But not-for-profit organizations and donors must ensure they are in compliance with IRS substantiation requirements. The IRS requires that in order for a donor to take a deduction greater than $250, he or she must have a contemporaneous written acknowledgment (CWA) of the donation from the not-for-profit organization. CWAs must include the name of the organization, the value of the donation (if cash), a description of the donation (if non-cash), whether goods or services were provided in exchange for donation, and, if services were provided, a good faith estimate of the value of those services. If the value of the gift exceeds $5,000, in most cases, a qualified appraisal must be obtained in addition to the CWA.

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Topics: charitable donations, Amy O’Loughlin, Not-for-Profits, nonprofit, In-Kind Donations, Donations

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