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.

05.22.13

Am I a Subrecipient or a Vendor for Federal Funds?

If your not-for-profit organization receives Federal awards, you will need to determine whether your entity is a recipient, a subrecipient or a vendor.   By following the guidelines established by the Office of Management and Budget (OMB) in Circular A-133 below, you should be able to make the determination. Recipient or Subrecipient Guidelines A Federal payment […]

05.15.13

Crossing the (State) Line

When you say you want to grow your manufacturing company, what does that mean? It may entail expanding your physical plant or warehouse or introducing new products. It could also mean opening new markets by conducting business in multiple states. Many states have been more aggressive in going after out-of-state companies doing business in their […]

05.14.13

Asset Valuations and Your Estate Plan Go Hand in Hand

If an estate plan calls for making noncash gifts in trust or outright to beneficiaries, it’s important to know the values of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of noncash assets other than marketable securities, it’s best to have a qualified appraiser value the gifts at the time of the transfer. If the IRS deems a valuation to be “insufficient,” it can revalue the property and assess additional taxes and interest.

05.01.13

Study Examines Political Leanings and Donor Behavior

This week’s blog discusses one study that examines the effects of political leanings on donor behavior, and another that reveals a significant drop in multiyear grants to charities.