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Don’t Let Independent Contractors Put Your Organization in a Chokehold
Posted by Chrissy Hammond on Fri, May 31, 2019 @ 11:58 AM

Independent contractor or employee? The question has entered the ring after late-night comedian John Oliver criticized World Wrestling Entertainment for not considering its star wrestlers employees.

He makes a compelling case on his show, Last Week Tonight, that WWE wrestlers should be considered employees who are entitled to benefits such as health insurance, paid time off, and retirement plans. Both classifications of workers are important to the economy, especially as an estimated 56.7 million Americans are choosing to freelance.

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Topics: FICA, not-for-profit, nonprofit, Independent Contractor

Make Your Audit Committee Meaningful Again
Posted by Rich Howard on Fri, May 31, 2019 @ 11:07 AM

Economics 101 teaches us that time can be quantified in dollars and cents, and that if you want to measure the value of your time—i.e., your opportunity cost—start by looking at your hourly wage. Applying the opportunity cost idea to audit committees can make an audit committee seem like a hugely expensive venture.

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Topics: not-for-profit, Audit Committee, NFP, nonprofit, not-for-profit board of directors

Recent Developments in UBTI for Not-For-Profits
Posted by Lisa Burke on Thu, May 30, 2019 @ 05:46 PM

Not-for-profit organizations have a long-standing debate with regulators about whether revenue generated by certain organizational activities should be taxable. In the 1940s and the 1950s, the IRS noticed that more and more not-for-profits were reporting non-charitable business income alongside their charitable revenues. These organizations were applying their tax exemption to revenues that would otherwise be taxable as corporate business income. There were growing concerns that this created a competitive disadvantage for their for-profit counterparts that were required to pay tax on identical revenue streams.

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Topics: tax-exempt, not-for-profit, IRS, UBTI, unrelated business taxable income, NFP, nonprofit, UBIT, Lisa Burke

3 Reasons Not-For-Profits Should Make ERM a Higher Priority This Year
Posted by Bart Kimmel on Thu, May 2, 2019 @ 08:17 AM

Your not-for-profit organization’s internal and external stakeholders are growing more sophisticated. They want to know that your not-for-profit is managed responsibly, meets its mission and that it is both efficient and resilient to its risks. Board members, employees, donors—and even to an extent, the public and the media—want to see how well your organization is being run.

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Topics: enterprise risk management, not-for-profit, NFP, risk management, Not-For-Profit Risk Management, ERM

1 Year to Go Until the 403(b) Restatement Deadline
Posted by Brad Sieniawski on Wed, May 1, 2019 @ 06:03 PM

The one-year countdown to the mandatory 403(b) plan document restatement deadline is officially underway. All organizations that sponsor 403(b) retirement plans must restate their plan documents by March 31, 2020, using either the IRS’s pre-approved document or an individually designed plan document.

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Topics: retirement plans, Non-profits, NFP, 403(b) programs

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