To err is human, but your not-for-profit’s supporters, not to mention the IRS, may be less than forgiving if errors affect your financial books. Even the smallest nonprofit should set formal, documented and detailed procedures for managing financial and bookkeeping chores.
Olsen Thielen Advisor Blog
According to Credit.com, 73% of people had outstanding debt at their death. These people carried an average debt balance of $61,554, which includes mortgage debt. Without the mortgage debt, the average balance was $12,875.
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 you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the
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
Olsen Thielen & Co. Ltd. is proud to be celebrating our 95th anniversary year. The firm was founded in 1921 on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed.
We are pleased to announce that Adam J. Hennen, CPA, has been elected Principal, effective September 1, 2016.
We are pleased to announce that Andrea Addo was elected Principal of the firm, effective September 1, 2016.
Tom retired from Olsen Thielen as a Principal and shareholder on September 1, 2016, after a long and distinguished career.