Raffles: Follow the Rules of the Game
If your organization anticipates raising big amounts with a raffle at your next fundraising event, you might want to step back and consider what this might mean from a tax compliance standpoint. State laws vary, but the IRS has rules related to unrelated business income (UBI) that need to be followed, and raffle income may be subject to UBI tax. Here is what you need to know before you place all your bets on this event.
ASU 2016-14: Liquidity and Availability Disclosures
In an effort to provide more useful information to donors, grantors, creditors and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (the ASU), which is effective for not-for-profit organizations with a calendar year-end of December 31, 2018 or a fiscal year-end in 2019. While the ASU focuses on five main areas that are changing, this article will highlight just one: liquidity and availability disclosure.
Common Finance-Function Mistakes You Should Avoid
Most not-for-profits are understandably laser-focused on their mission, and other less-critical matters may fall between the cracks, such as managing the finance function. However, if the finance function does not receive the attention it deserves, you run the risk of IRS penalties, reputational damage and lost revenue.
Net Asset Reporting Under the New ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities
Sarah G. Widlock
In an effort to provide more useful information to donors, grantors, creditors, and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities on August 18, 2016. While the ASU focuses on five main areas that are changing, this blog will highlight just one—net assets.
The Effects of Tax Reform on Charitable Donations
In December 2017, the Tax Cut and Jobs Act became law. This law, which represents the biggest overhaul of the tax code in over 30 years, does not, at first glance, seem to have a big impact on charitable donations. In fact, in one area, the limits on charitable donations became more liberal. However, when […]
How Will the Tax Cuts and Jobs Act Affect Your Not-For-Profit?
Caitlin G. Gibbs
As you are likely aware, Congress recently passed sweeping tax reform. While individual and corporate tax cuts are not something you immediately think about when budgeting for your not-for-profit organization, some of the new changes could potentially have an impact on donor giving. After much debate, the Tax Cuts and Jobs Act was passed by […]
All Eyes on Performance: How to Make Data Analytics Work for You
Kelly H. Buchheit
Your not-for-profit organization is accountable to many constituents, including donors, volunteers and the people you serve. A surefire way to demonstrate your effectiveness is through the use of data analytics. With facts at your fingertips, your organization can show the world how you are meeting your goals in community outreach, program activities, fundraising and more. […]
Evaluating Your Fundraising Returns
As competition continues to increase for contributions, donors have begun to look for more accountability and transparency from not-for-profits, especially regarding fundraising. Not only is the sum of money raised in campaigns meaningful, but how efficiently the money is raised is significant as well.
All Charitable Deductions are Not Created Equal
With the end of the year approaching, your supporters may be thinking about making charitable contributions they can deduct on their 2017 federal tax returns. Here is some information your supporters may find helpful when thinking about different types of donations, some of which are not tax deductible at all.
Managing a Successful 340B Discount Program
Marva M. Flanagan
Most Americans are not aware of a little-known drug pricing program called the 340B Drug Discount Program (340B). The 340B program was created by the federal government in 1992 under Section 602 of the Veterans Health Care Act. However, its popularity only surged within the last five years when hospitals were required to register their offsite facilities which were using 340B drugs. Since its enactment in 1992, the 340B program has been expanded by Congress through various other laws which clarify or broaden the law, including guidance that allows hospitals and clinics to contract with outside pharmacies if they do not have one in-house.