03.27.13

Advisory Boards: Building Blocks for Not-For-Profit Organizations

One of the building blocks of a strong not for profit organization is an active Board of Directors who can support the organization in many ways – financially, with their time, and with the skills the members possess, both personally and professionally. While organizations should take full advantage of the resources their Board provides, they must also recognize that those resources won’t always be available.

03.22.13

Your Credit Score Counts! Achieving and Maintaining a Solid One

A credit score is a reflection of one’s creditworthiness. With a high credit score, it’s possible to realize lower interest rates on mortgage or auto loans and credit cards. This article explains what constitutes a good score, how to obtain a free credit report, and how to boost a score — or, for those with no credit history, how to build one.

03.20.13

To Deduct or Not to Deduct…

In December, 2011, the IRS issued temporary regulations intended to set new standards for capitalizing or deducting dollars spent on tangible property. These regulations were originally effective for years beginning on or after January 1, 2012, but the effective date has been postponed to tax years beginning on or after January 1, 2014. Taxpayers have the option to apply the temporary regulations to tax years beginning on or after January 1, 2012.

03.13.13

Tips for Protecting Your Not-For-Profit Organization from Fraud
Alison Fetzer

In a time where funding is scarce, fraud is proving to be devastating to not-for-profit organizations and the communities that they service. According to the 2012 Report to the Nations on Occupational Fraud & Abuse, published by the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated five percent of their annual revenue as a result of fraud.

03.06.13

Should I Accept This Contribution?
Harry Fox

With a contribution, the donor may place a requirement, or restriction, on the use of the funds. By accepting the contribution, an organization is also promising to use the funds in the manner that the donor has requested. Here are a few questions you should ask yourself before saying the magic word “yes”:

02.12.13

Do I Need a Single Audit?

The Office of Management and Business (OMB) issued Circular A-133, Audits of States, Local Governments and Non-Profit Organizations to establish the requirements for audits of non-Federal entities that expend Federal awards. Referencing a few important points found in the guidelines will help determine if your organization needs a single audit.

01.24.13

How Does the 3.8% Net Investment Income Tax Apply to Real Estate Professionals?

If you own real estate that generates income, you could be paying an additional 3.8% net investment income tax (NIIT) which goes into effect in 2013. For the sake of discussion, let’s assume that your adjusted gross income (AGI) is over the relevant threshold ($250,000 in the case of a married couple filing jointly). Even if your AGI is generally low, there may come a year when you sell property, giving you a high adjusted gross income and significant income subject to NIIT in that year. Is there any tax planning that can be done to offset the NIIT?

01.16.13

New Year’s Resolutions for Restaurants
James Pellino

Whether it’s getting that gym membership or tweaking your personal savings plan, people always want to hit the ground running at the beginning of a new year. With all of these personal goals you’ve set up for yourself, it’s easy to forget about some key deadlines that relate to your restaurant.

01.15.13

Charitable Aspects of the Fiscal Cliff Deal
Jeffrey Chiles

A fiscal cliff deal finally materialized on January 2 with the passage of the American Taxpayer Relief Act of 2012. The legislation included a handful of new tax provisions as well as a significant number of tax extenders previously scheduled to expire either in 2011 or 2012. A few of these provisions and extenders will more than likely have a direct effect on charitable organizations and their fundraising efforts, including the reinstatement of the Pease limitation and the extension of the qualified charitable IRA distribution.

01.14.13

The Role of the Audit Committee
James Quaid

Since the Sarbanes-Oxley Act was passed in 2002 and the Form 990 was redesigned in 2008, there has been an increased focus on the importance of corporate governance within not-for-profit organizations. A not-for-profit’s board of directors is charged with oversight of the organization’s governance and fiscal accountability. A strong audit committee can assist the board in their oversight of these areas.