An article about Charity Walks on the Charity Review Council’s website (www.smartgivers.org) caught my eye recently. We’ve all received e-mails from friends and family asking for support of their walk (or run, or bike ride) for a specific charity. Perhaps you have made those solicitations yourself for a cause that is near and dear to [...]
**Originally published in the February 2012 issue of the Midwest Society of Association Executives’ (MSAE) newsletter**
Associations have had to find ways in recent years to cut their budgets by reducing expenses and/or creating new sources of revenue. New sources of revenue can often be generated from unrelated business activities, requiring the organization to comply with [...]
The IRS has announced that the IRS electronic filing system for Forms 990, 990-EZ, 990-PF and 1120-POL will not be available from January 1 to February 29, 2012 due to systems and programming changes. Because of this, the IRS is granting an extension of time to file the affected returns to March 30, 2012. This [...]
Bigger, and more prize grants than ever before, including a $10,000 Golden Ticket
Minnesota’s nonprofit organizations ask Minnesotans to give to their favorite charities at GiveMN.org during the third annual “Give to the Max Day” on November 16, with hopes of raising as much money as possible for nonprofit organizations in 24 hours (starting at midnight [...]
A common misconception of charities is that they only have to be registered in the state(s) in which they have a physical presence. The fact is that organizations that solicit donations need to look at other factors to determine the states in which they should be registered.
The Minnesota Council of Nonprofits celebrated its 25th anniversary last week at its annual conference, “Great Expectations-Our Communities, Our Future”, by reflecting on its history and embracing its vision for the future. In its 25 years, MCN has grown to more than 2,000 members, becoming the largest and most effective state association of nonprofits in [...]
HUD Issues Notice H 2011-21
On August 17, 2011 the U.S. Department of Housing and Urban Development (HUD) issued an official notice regarding the Enterprise Income Verification (EIV) System, to provide updated instruction for use of the system. The notice highlights the purpose, applicability, requirements, use of system reports, retention of reports, penalties, and security of [...]
Or, perhaps you have heard of “un-summit” or “just-in-time education”?
Daniel Owens, CPA and Linda Nelson, CPA of Olsen Thielen recently had the opportunity to attend a BarCamp hosted by the Midwest Society of Association Executives (MSAE), and found the experience to be an excellent opportunity to listen and learn what the hot topics are for Business and [...]
On June 8, 2011, the IRS issued Notice 2011-43, which provides transitional relief for small nonprofit organizations who lost their tax-exempt status because they failed to file the annual Form 990-N for 2007, 2008 and 2009.
Prior to 2007, very small organizations (whose annual gross receipts are less than $25,000, $50,000 for 2010 returns and beyond) [...]
The 2011 income limits have been released by the U.S. Department of Housing and Urban Development (HUD). These limits can be obtained at http://www.huduser.org/portal/datasets/fmr/fmrs/docsys.html&data=fmr11 , by simply selecting the state and county applicable to your group or by selecting a major metropolitan area.
Contact Brett Olsen, CPA or Nicolette Neutz, CPA if you have questions or [...]
IRS regulations require us to advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, by any taxpayer for the purpose of avoiding tax-related penalties imposed under the U.S. Internal Revenue Code or any other applicable state or local tax law provision; furthermore, this communication was not intended or written to support the promoting, marketing or recommending of any of the transactions or matters it addresses.
