Connections for Success

 

Not-For-Profit

03.02.21

FASB Issues New Rules for Reporting Gifts-In-Kind
Kelly H. Buchheit

In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The intent of this new standard is to expand transparency around nonfinancial gifts received in-kind, including how those gifts are used and how those gifts are […]

02.23.21

Questions and Concerns Board Members Should Consider in the Current Environment – Fiduciary Responsibilities and Investments
James Quaid

In my recent Not-For-Profit newsletter, Questions and Concerns Board Members Should Consider in the Current Environment, I shared some items and questions that not-for-profit organizations should consider in 2021. We then shared Questions and Concerns Board Members Should Consider in the Current Environment – Cybersecurity, a blog from Mishaal Khan, Cybersecurity Practice Leader and Solution […]

02.15.21

Questions and Concerns Board Members Should Consider in the Current Environment – Cybersecurity
James Quaid

In my recent Not-For-Profit newsletter, Questions and Concerns Board Members Should Consider in the Current Environment, I shared some items and questions that not-for-profit organizations should consider in 2021. This blog focuses on one area that has, and continues to be, a prime area of concern for all organizations — cybersecurity. Mishaal Khan, Cybersecurity Practice […]

02.09.21

Budgeting for COVID-19 Uncertainties  
Kevin Omahen

There is always a degree of uncertainty when your organization is budgeting for the year. However, the COVID-19 pandemic has created a completely new sense of uncertainty. As revenues for many organizations have decreased in the past year and the demand for program services has not changed (or may have even increased), the budgeting process […]

01.19.21

Not-For-Profit Guide to Recent PPP Changes
Alison Fetzer

The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Payroll Protection Program (PPP) back in March of 2020 to provide eligible entities, including not-for-profit (NFP) organizations, with forgivable loans to assist organizations struggling with the uncertainty brought on by the COVID-19 pandemic. In the 10 months since the Act was created, the rules […]

12.22.20

Capacity Building: Focus on Your Strengths, not Your Weaknesses
Sarah G. Widlock

The economic crisis may have your not-for-profit scrambling to find funding. But, equally important is making internal adjustments that can boost your ability to fulfill your long-term mission. Capacity building is one way your organization can increase its odds of doing just that. But, as it turns out, a traditional approach may not be the […]

11.23.20

Donor-Advised Funds: How They Work and How to Land Them 
Caitlin G. Gibbs

National Philanthropic Trust (NPT) data from nearly 1,000 charities shows that donor-advised funds (DAFs) grew in all key areas, including the number of individual funds and total grant dollars awarded to charitable organizations, according to a 2019 report. Although they are popular, DAFs are not without critics. Some do not like the fact that many […]

10.22.20

Influencer Marketing Comes to Not-For-Profits
Marva M. Flanagan

As the COVID-19 crisis intensified earlier this year, pop singer Ariana Grande began taking to Twitter every week to share a list of organizations she was supporting to help provide relief to those hit hard. As a result, organizations such as The Bail Project, Fund for Families and The Mental Health Fund saw a significant […]

09.16.20

Classifying Workers as Employees or Independent Contractors: When Bringing Back Workers, Follow the Rules
Jeffrey Chiles

Part of your not-for-profit organization’s entrance into the “new normal” nonprofit world may involve rehiring workers — and perhaps hiring some new replacements. For tax obligation purposes, you will be required to classify those workers as employees or independent contractors (ICs). Sizing up Independent Contractor benefits Treating a worker as an independent contractor (IC) rather […]

09.04.20

Can Our Public School Hold “Virtual” School Board Meetings During the Pandemic?
Mike Sullivan, Meredith Kirshenbaum

As public schools in Illinois are busy redesigning their curriculums for the fall, “COVID-19” continues to interrupt not only classrooms, but also other essential educational operations.  On March 9, 2020, in response to the COVID-19 pandemic, Governor Pritzker declared all Illinois counties a “disaster area” and subsequently issued a series of executive orders designed to […]

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