The New England Not-for-Profit Accounting Advisor

Managing Underwater Endowments for Not-for-Profit Organizations

Posted by Adam Nelson on Thu, Feb 25, 2016 @ 03:26 PM

A recent study published by the National Association of College and University Business Officers (NACUBO) indicated that participating institutions saw their endowment returns decrease by 13 percent for the fiscal year that ended June 30, 2015, compared to the fiscal year that ended June 30, 2014. Considering the market performances from July 1, 2015 through January 31, 2016, the fiscal year that will end June 30, 2016, is shaping up to be a disappointment for endowment portfolios everywhere. As the market declines continue, the issue of underwater endowments will again become center stage in the not-for-profit sector.

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Topics: accounting, Non-profits, Not-for-Profits, NFP, Adam Nelson, Underwater Endowments

Report Asks for 501(c)(3) Application Improvements

Posted by Amy O’Loughlin on Thu, Feb 25, 2016 @ 10:47 AM

A recent report from the Taxpayer Advocate Service asks the IRS to devote more of its resources to catching 501(c)(3) compliance concerns early rather than trying to correct potential issues on the back end. If your organization recently applied for public charity status, the chances of receiving additional IRS scrutiny have increased significantly. The IRS may be looking at its applications for tax exemption. The report indicates that more oversight for the Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code and the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code may be needed.

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Topics: not-for-profit, IRS, Amy O’Loughlin, 501(c)(3), Form 1023, Form 1023-EZ

A Look into the Future: What Tax Changes May Be Coming for Not-for-Profits

Posted by Charlie Ciccone on Tue, Feb 23, 2016 @ 01:00 PM

Regulatory changes and areas of focus can be hard to predict, but the IRS and the Department of Treasury’s plans for the 2016 fiscal year provide a good indication for what may be coming down the line for not-for-profit organizations.

The IRS’s Tax-Exempt/Government Entities Priorities (TE/GE) for Fiscal Year 2016 and the Department of the Treasury’s 2015-2016 Priority Guidance Plan indicate a number of reporting areas that the regulatory agencies want to improve in the coming year. Not-for-profit organizations should keep a close eye on these focus areas to be prepared for the potential impact these changes could have on their operations.

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Topics: tax changes, Charlie Ciccone, Not-for-Profits

Department of Education Provides Additional Guidance about the Wind Down of the Perkins Program

Posted by Kevin Guerra on Thu, Feb 18, 2016 @ 01:30 PM

As part of our commitment to keep you informed with the latest regulatory developments, we recently attended the Department of Education’s (DOE) 2016 Federal Student Aid (FSA) Training Conference in Las Vegas. A major focus of the FSA conference was related to the Federal Perkins Loan Program (Perkins Program). Subsequent to the FSA conference, the Federal Perkins Loan Program Extension Act of 2015 (the Extension Act) was enacted on December 18, 2015. The Extension Act extends the Perkins Program through September 30, 2017 as noted in the DOE Dear Colleague Letter GEN 16-05.

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Topics: Non-profits, Not-for-Profits, NFP, Department of Education, FSA, DOE, HE Act, Kevin Guerra

Does Your Not-For-Profit Need an Audit of its Marketing, Fundraising Streams and Advertising?

Posted by Justin Hall on Wed, Feb 17, 2016 @ 02:49 PM

By guest contributor: Justin Hall, General Manager, Zanity USA

As with any other critical business activity, your online and digital marketing campaigns should be monitored to ensure it's working to its full potential. Best performance outcomes and high returns on investment can only be achieved by taking stock and improving on what you're already doing or are planning to do. The problem, however, is that many marketing campaigns go awry because there's no such monitoring system in place. This is where a highly valued audit is the solution.

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Topics: not-for-profit, NFP, Marketing, Internet Marketing (IM) Audits, Independent Audit

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