The pandemic, ongoing economic insecurity and uncertainty about the future have prompted some not-for-profits to make board designations of unrestricted assets. What are board designations, why are they worth considering and how does the process work?
Month: June 2022
Oversight and Controls Are Key To Limiting Fraud in Non-profits
Recently, the Association of Certified Fraud Examiners (ACFE) published its biannual Report to the Nations: 2022 Global Study on Occupational Fraud and Abuse. Of all the types of organizations surveyed by the ACFE, not-for-profits actually were the least likely to experience occupational fraud. However, non-profits also are generally the least likely to be able to… Continue reading Oversight and Controls Are Key To Limiting Fraud in Non-profits
How To Cut Costs Instead of Your Non-profit’s Staff
When the COVID-19 pandemic forced lockdowns in Spring 2020, many not-for-profit organizations initially resisted laying off employees. Retention tax credits provided under the CARES Act helped. But non-profits that are still struggling may think they have no choice but to cut compensation expenses, especially as high inflation increases the cost of other expenses.
Grocery Tax Suspension in Illinois
To help ease the impact of inflation, the State of Illinois will suspend the 1.00% tax on grocery items starting July 1, 2022 through June 30, 2023. This applies to all Illinois residents and there is no income requirement.
Creating Items and Jobs in QuickBooks, Part 1
Does your company do projects or jobs for customers? Let QuickBooks keep all related data in one place.
How QuickBooks Online Helps You Track Mileage
With gas prices so high, you need to track your travel costs as closely as possible. Consider getting a tax deduction for your business mileage.
How to Make Accountability Work
Almost every successful business owner craves accountability. We’re wired to respond to crises and to help others, sometimes before we help ourselves. Entrepreneurs are excellent in running their day-to-day businesses, but some need more accountability to meet internal deadlines and long-term goals. Let’s take a look at how we can increase our accountability.