08.09.13

Opening a New Restaurant? We’ve Got Some Info For You
Robert Swenson

So you have decided to go boldly where many others have gone before: You are opening a new bar or restaurant. Now that you have the concept and the staff structure in mind, what financial and legal expertise do you need to succeed?

07.31.13

Giving Real Estate To Charity
Kadir P. Sunardio

Several options are available for giving real estate to charity. Each option can produce a charitable tax deduction and help avoid taxes. Some options could even leave the donor with an income stream for a period of time. This article takes a look at outright gifts, bequests, charitable remainder trusts and “bargain sales.”

07.23.13

Best Practices: Cash Flow Forecasting
Danielle M. Winkle

Capital is the lifeblood of any manufacturing business. Each week, expenses must be met, even though customers might not pay on time — or in full. This article offers best practices to help eliminate much of the heartburn associated with managing a manufacturing facility’s day-to-day capital.

07.10.13

Diversity on Not-For-Profit Boards
Kenneth Tornheim

Board members are a not-for-profit organization’s ambassadors to the constituencies it serves. But a lack of diversity — whether physical, societal or economic — can signal an underlying problem: a disconnect from the community. A not-for-profit can improve its funding and program effectiveness when it reflects the population it serves, as well as the community in which it operates. This article offers suggestions for improving diversity, while a sidebar shows there are ways to mix it up beyond just the board of directors.

07.02.13

Benchmarking: Sizing Up Your Not-For-Profit Organization

The word “benchmark” may strike some as organizational lingo, but the practice of benchmarking often proves valuable for not-for-profit organizations. Not-for-profits that incorporate financial benchmarks into their operations are better at anticipating negative financial trends and may even see revenues climb, expenses drop and efficiencies improve.

06.26.13

Let’s Go For A Ride
James Quaid

Some of you may remember an amusement park called Riverview Park, which operated in Chicago from 1904 to 1967. Although it was before my time, I remember my parents telling me about the fun times they had at Riverview Park riding The Bobs wooden roller coaster or the Pair-O-Chutes. Although you may not get the same adrenaline rush that you would zipping down the tracks of a roller coaster or slowly rising above the horizon atop a ferris wheel, reading and understanding your organization’s financial statements should be no less “fun.”

06.19.13

Turning a Vacation Home Into a Tax Benefit

With proper tax structuring, it is possible to turn a vacation home into a tax benefit. If you own a second residence located in a resort location, a knowledgeable tax professional may be able to help improve the overall economic performance of the property.

06.18.13

What You Need To Know About Business Bad Debts

When customers can’t pay their obligations to you, it may be possible to deduct these bad debts under Internal Revenue Code (IRC) Section 166. But it’s important to understand what counts as partially or wholly worthless bad debt and how to claim the deduction. This article describes the different types of business bad debts and how the accounting method affects how it’s reported. But it’s better to avoid bad debt to begin with, so a sidebar offers three tips to improve collections.

06.05.13

The Must Have Policies Not Required by the IRS
Alison Fetzer

An important key to success for any not-for-profit organization is having the right governance policies and procedures in place. Conveniently, with the redesign of the form 990, the IRS has put together a short but important list of suggested policies and procedures.

06.04.13

Attracting Customers Using Value Promotions and Discounts
James Pellino

Customers are always looking to get a deal. Whether it’s finding that breath-taking house that is undervalued or getting that amazing all-inclusive deal to Cabo, the perception of value has become a standard tool for marketing products and services.