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Attention Massachusetts Not-For-Profits: File Form 3ABC by 3/1
Posted by Chrissy Hammond on Fri, Feb 2, 2018 @ 09:06 AM

Massachusetts-based eligible charitable organizations are permitted exemptions for certain personal and real property. Organizations should be preparing now to file the Massachusetts "Return of Property Held for Charitable Purposes" (State Tax Form 3ABC).

The mandatory form provides a full or partial tax property tax exemption for an organization’s real or personal property so long as the organization files it no later than March 1, 2018. It is due at the Assessor's Office in each city or town in which your organization owns personal and/or real property on January 1 in order to receive a local tax exemption on that property for the fiscal year that begins the next July 1.

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Topics: Massachusetts, non-for-profit, Form 3ABC, nonprofit

Operating Reserves and the Not-For-Profit Organization’s Budget
Posted by David Brown on Thu, Feb 1, 2018 @ 04:55 PM

Organizations evolve. Operating environments change, and not-for-profit organizations can expect to feel a financial impact from the new tax legislation. Looking at your budget and operating reserves now can help your organization be prepared for what comes next. There are plenty of factors that weigh in on your bottom line, but the need for adequate operating reserves is a significant factor in maintaining financial stability.

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Topics: David Brown, not-for-profit, nonprofit, cash reserves, operating environment, tax legislation

7 Lessons Not-For-Profits Learned From Early Adopting the New Financial Statement Standard
Posted by Michelle Spriggs on Tue, Dec 19, 2017 @ 04:57 PM

Not-for-profit organizations have a year to work on their new financial statement presentation requirements. Changes released in August 2016 affect the financial statement presentation of net asset classification, governing board designation, investment return, underwater endowment funds, capital gifts, expenses, liquidity and operating cash flows. Organizations will need to have the changes ready to go for their 2018 calendar year-end filings (Dec. 31, 2018 or 2019 fiscal year end filings, e.g. June 30, 2019).

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Topics: not-for-profit, Michelle Spriggs, NFP, nonprofit, Not-for-profit financial statement, financial statement reporting, financial statement presentation requirements, Financial Statement Standard

6 Tips for Retaining a Not-For-Profit CFO
Posted by Jay Meschke on Mon, Dec 18, 2017 @ 04:58 PM

Not-for-profit chief financial officers (CFOs) fill many roles, and may be involved in decisions ranging from accounting to real estate and administration. The smaller the organization, the more likely it is that your CFO covers a wide range of responsibilities. He or she could be providing oversight over finance teams while also creating a high level strategy for financial and investment decisions.

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Topics: CFO, not-for-profit, NFP, nonprofit, not-for-profit talent, retention, Jay Meschke

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

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

6 Signs of an Effective Board
Posted by David Brown on Thu, Aug 3, 2017 @ 02:56 PM

Whether your organization has an effective board can have a major impact on the fortunes of your not-for-profit. A good board with a wide variety of skills may lead your not-for-profit to new heights.

Although responsibilities of the board may vary among not-for-profits, a board is generally entrusted with determining and fulfilling its mission and complying with laws and regulations while mitigating potential risks. Board roles include securing, supporting and evaluating the executive directive and monitoring the organization’s financial performance. Given the responsibility, your board should be evaluating itself from time-to-time to see if improvements could be made.  Ask yourself the below questions to see how your board rates.

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Topics: David Brown, not-for-profit, board members, nonprofit, Nonprofit Board, board of directors

How Not-For-Profits Can Stay Ahead of Fraud
Posted by John Mulvaney on Wed, May 31, 2017 @ 04:52 PM

Fraud comes with a significant monetary impact. The Association of Certified Fraud Examiners (ACFE) Report to the Nations on Occupational Fraud and Abuse 2016 Global Fraud Study estimates that fraudulent activity costs $6.3 billion in losses, with the average loss per case coming in at $2.7 million. Nearly one in three of the cases in the study occurred in the not-for-profit and governmental arena.

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Topics: fraud, non-for-profit, Non-profits, John Mulvaney, nonprofit, nonprofit fraud

Does Trump's Executive Order Set the Stage for a Repeal of the Johnson Amendment?
Posted by Eric Strawder on Tue, May 30, 2017 @ 06:25 PM

On May 4, President Trump kept a campaign promise when he signed an executive order directing the IRS “to exercise maximum enforcement discretion to alleviate the burden of the Johnson amendment, which prohibits religious leaders from speaking about politics and candidates from the pulpit." 

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Topics: non-for-profit, Non-profits, nonprofit, Donald Trump, Johnson Amendment

7 Steps Not-For-Profits Can Take to Protect Sensitive Data
Posted by Brenda Piazza on Tue, May 30, 2017 @ 02:03 PM

The protection of sensitive information is vital in today’s operating environment. There were more than 100,000 information security incidents and 3,141 confirmed data breaches in 2016, according to a recent Verizon Data Breach Investigation Report.

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Topics: non-for-profit, Non-profits, cybersecurity, nonprofit, Brenda Piazza

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