Although failing to file a Form 990 with the IRS when required to do so is probably a more serious mistake, filing it with data errors isn’t recommended. Similarly, your not-for-profit should strive to be as accurate as possible when preparing accounting and other tax documents. Carelessness can cost you support from donors and grant makers… Continue reading Tips To Help Prevent Non-profit Accounting and Tax Errors
Category: Non-Profit
Game On! Just Make Sure Your Non-profit Follows Tax Rules
If you’re starting to plan activities for a 2023 fundraiser, consider gaming — for example, bingo, poker, raffles and even casino-type games. Such games can be a great way to engage supporters and raise more revenue than your not-for-profit might otherwise. However, gaming isn’t without potential pitfalls. There are strict tax rules governing these activities,… Continue reading Game On! Just Make Sure Your Non-profit Follows Tax Rules
Before Your Non-profit Celebrates That New Grant …
Most not-for-profits can’t afford to turn down offers of financial support. At the same time, you shouldn’t blindly accept government or foundation grants simply because they’re offered. Some grants may come with excessive administrative burdens, cost inefficiencies and lost opportunities. Here’s how to evaluate them.
How to Share Your Non-profit’s Values and Limit Fraud Losses
Every two years, the Association of Certified Fraud Examiners releases its Report to the Nations, an occupational fraud study of for-profit, not-for-profit and government organizations. As in previous editions, the 2022 study reports that most organizations require employees to read and sign a code of ethics or conduct. This relatively simple control can result in… Continue reading How to Share Your Non-profit’s Values and Limit Fraud Losses
A Financial Dashboard Can Take Your Non-profit Where It Wants To Go
Does your board have a quick and easy way to assess your not-for-profit’s financial performance? It does if it has a dashboard with carefully chosen and up-to-date key performance indicators (KPIs). Dashboards can also be set up to provide critical information to multiple audiences regarding specific goals and fundraising campaigns. Here’s how you can get started.
How Your Non-profit Can Break Bad Budget Habits
Autumn is here and many not-for-profits are starting to think about their 2023 budgets. If your budget process is on autopilot, you might want to pause and think about changing things up this year — particularly if you’ve experienced recent shortfalls or found your budget to be less resilient than is ideal. Here’s how to… Continue reading How Your Non-profit Can Break Bad Budget Habits
Election Season Is Here! Watch Your Non-profit’s Activities
Many states have already held primary elections, and the airwaves are clogged with candidate ads. Yes, the November “mid-terms” election season has begun! So now is a good time to review political activity restrictions that affect Section 501(c)(3) organizations.
Support Your Non-profit’s Financial Plans With Board Designations
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?
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.