Connections for Success

 

Not-For-Profit

11.30.21

Do Not Let Fraud Prevention Slide
James Quaid

The ongoing pandemic has strained many not-for-profit organizations, forcing them to cut corners to survive. But fraud prevention is one critical area that organizations cannot afford to overlook. If anything, antifraud measures are more important now than ever. Vulnerabilities of not-for-profit organizations The Association of Certified Fraud Examiners’ (ACFE) recent study, Report to the Nations: […]

09.20.21

Tainted Donor, Tainted Money? How To Handle Controversial Contributions
Sarah G. Widlock

In 2019, as waves of lawsuits accused Purdue Pharma of knowingly contributing to the opioid crisis, numerous not-for-profit organizations announced that they would no longer accept gifts from the Sackler family, several members of which owned the company. That same year, the Massachusetts Institute of Technology came under fire for accepting multiple donations from convicted […]

08.23.21

Board Designation: Three Questions To Consider
Marva M. Flanagan

The COVID-19 pandemic and ensuing economic crisis have provided harsh reminders of how precarious a not-for-profit organization’s financial stability can be. Uncertainty about the future is prompting some organizations to consider the wisdom of making board designations of unrestricted assets. Here are a few questions your organization might want to consider before making that decision. […]

06.10.21

A Year of COVID Philanthropy: What It Tells Us Going Forward
Laurence Sophian

The COVID-19 pandemic created an unprecedented need for funding — and grantmakers and donors stepped up. Corporations, foundations, public charities and high-net-worth individuals awarded more than $20 billion to address the social, health and economic effects of COVID-19 globally in 2020. That is just one of the findings in a new report from the Center […]

05.24.21

Your Midsize or Large Organization Might Benefit From a CFO
Segdrick P. Byrd

As a not-for-profit leader, you are used to overseeing all aspects of your organization. Truthfully, the finance department is not always the first thing not-for-profit leaders think to scale as the organization grows. You might think, at times, that having a financial expert run that side of the operation could be a plus. More often […]

04.22.21

Prevent the UBIT Trap of Corporate Sponsorships
Kenneth Tornheim

Landing a corporate sponsorship is an accomplishment, especially in today’s economy. If you do get lucky, you will want to prevent unrelated business income tax (UBIT) from cutting into your new income. If you meet the requirements for a qualified sponsorship payment exception, you should be in good shape. What are the exceptions? Generally, “qualified […]

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 […]

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