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Spring Cleaning: What Not-For-Profits Should Annually Review to Manage Compliance Requirements
Posted by Heather Hernandez on Mon, Mar 27, 2017 @ 05:47 PM

Every organization evolves. Boards turnover, communities change and reporting requirements receive updates. Not-for-profit organizations need to make continuous adjustments at every level of their operations in order to keep pace with shifting responsibilities.

Approaching updates with a “housekeeping” frame of mind may help your organization make the minor adjustments it needs to meet any new requirements. Periodic reviews of financial statement reporting processes, bylaws, board policies and mission statements help identify discrepancies between what the organization says it’s doing on paper and what activities it puts into practice.

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Topics: Heather Hernandez, Governance, compliance, Jon Grissom, NFP, not-for-profit, Misson Statements

Post-Issuance Compliance for Tax-Exempt Bonds: Understanding the Requirements
Posted by Craig Klein on Tue, Sep 27, 2016 @ 04:39 PM

The tax-exempt bond area is closely overseen and regulated by the IRS tax-exempt bond (TEB) division. In 2016, TEB has been allocating half of its resources to examination casework. Included in the examination casework category are referrals and claims, TEB’s market segmentation program and the division’s compliance check/soft letter program.  Given the importance of tax-exempt bond financing to your organization, the complexity of maintaining post-issuance qualification of your bonds, and the IRS’s oversight of this area, your organization should understand the requirements for post-issuance compliance and monitor the use of bond-financed facilities to ensure continuing compliance. The penalties for noncompliance could be costly.

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Topics: Craig Klein, 501(c)(3), tax exempt bonds, tax-exempt, bonds, Post-issuance compliance, compliance, tax compliance

Three Compliance Risks Facing Not-for-Profits
Posted by Jennifer Farr on Tue, Sep 30, 2014 @ 10:20 AM

A number of day-to-day operations present compliance risks for not-for-profit organizations. Organizations need to be aware of the regulations surrounding activities such as soliciting contributions and classifying contractors in order to avoid penalties. Failing to address and mitigate these areas of risk could lead to the loss of an organization’s tax-exempt status.

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Topics: not-for-profit, compliance, Jennifer Farr

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