What would happen if one of your not-for-profit’s key people suddenly quit or had to go on long-term disability? Would you be able to conduct business as usual? To prevent a critical function from possibly coming to a standstill, consider cross-training staff.
Declining donations, dues, grants or sponsorship funds may lead to not-for-profit budget deficits. But you can reduce the risk of cash flow crunches by making relatively minor changes to your cash management practices.
Your not-for-profit can’t generally reimburse employees for business expenses tax-free just because staffers submit expense records. However, you can if you have a properly executed accountable plan. Under such a plan, reimbursement payments will be free from federal income and employment taxes for recipient employees and not subject to withholding
Most not-for-profits are intensely focused on present needs — not the possibility that disaster will strike sometime in the distant future. Yet it’s critical that all organizations have a formal continuity plan to guide them should a natural or manmade disaster disrupt operations.
If your not-for-profit solicits funds online or uses other fundraising methods that cross state boundaries, it may need to register in multiple jurisdictions.
Olsen Thielen is happy to announce that one of our Tax Principals, Scott Hoyles, has been awarded the Accredited in Business Valuation (ABV) designation from the American Institute of Certified Public Accountants (AICPA).
Not-for-profit organizations are constantly trying to recruit and retain quality members for their board of directors (board).  An ingredient for a quality board is diversity in ideology and thought process.  One easy way to create a diverse culture within a board is to recruit and retain young professionals.
Form 990 is the form the Internal Revenue Service requires each tax-exempt organization to file yearly. Form 990 is a public document that anyone can review, including possible donors, lenders, and potential future board members.  So, instead of just trying to get it filed with the least amount of effort
It’s no secret that a major key to success for nonprofit organizations lies with the strength of its volunteer board of directors.  Board engagement is a practice that many nonprofit entities both strive for and struggle to maintain.
If you are a not-for-profit organization you may be wondering what is the big deal surrounding data security?  Aren’t data breaches confined to the big companies like Target, Home Depot, and Sony?  Why would our mission-oriented not-for-profit that helps others be a target of an attack? The reason not-for-profits are
Form 990 is the annual information return filed by tax-exempt organizations with the Internal Revenue Service, and provides a wealth of information to the IRS and to readers of the return. Form 990 is a public document, meaning anyone can ask to see your association’s 990, and you are required
Before you elect any board member the first step is to figure out which type of person you would like to choose. You want to consider their experience, qualifications, skills and commitment, but what about age?
Governance of not-for-profit organizations is important for the sustainability and future impact of the not-for-profit 's mission. One key governance function is risk management and one specific area of risk management relates to fraud risk.
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