09.20.12

Tax-Exempt Organizations and Political Activities – Proceed with Caution
Barbara Miller

With the upcoming election in November, politics is at the forefront of everyone’s minds. But for a not-for-profit organization, it is critical that its management understands what types of political activities are allowed and what types of activities may jeopardize an organization’s tax-exempt status.

09.05.12

Donor Acknowledgment Letters: What Recipient Organizations Need to Know

Billions of dollars are contributed every year by individuals to qualified organizations in the United States. As a result, many of the organizations we work with receive charitable contributions from the general public. However, too often, many organizations do not understand what is required of them when they receive charitable contributions.

09.04.12

Apples to Apples: Benchmarking Your Restaurant’s Performance

Whether your restaurant is currently profitable or not, a best practice you should begin now is analyzing how your restaurant compares to industry benchmarks.

08.30.12

The Landlord’s Liability: Security Deposits
Courtney Mayster

The Chicagoland rental market continues to thrive and new players are entering the multi-family game every day, either by acquiring rental properties from banks through foreclosure or taking advantage of the low interest rates.

08.28.12

Making A Difference®: The World of Giving and Learning About Donor Advised Funds
Lisa Dietlin

Have you heard of Donor Advised Funds (often known as DAFs)? Many people haven’t but they are well worth learning about and ascertaining if they can help you begin or continue Making A Difference® in your community while achieving your philanthropic dreams and goals.

08.23.12

Illinois Department of Human Services Financial Reporting
Charles J. Burke

It’s Illinois Department of Human Services (DHS) reporting season for many DHS-funded Community Service Providers. At the end of May, DHS issued their FY12 Memorandum to Chief Executive Officers outlining fiscal year-end financial reporting.

08.21.12

Is Now the Time to Talk?
Drakia Wilkins

In the midst of these uncertain economic times and pending national elections, we have found that tenants in Chicago have been hesitant about committing to new office leases.

08.02.12

Beware! The IRS is on the Look-Out for Auto-Gratuities
Robert Swenson

The IRS recently released a series of guidance on the tax treatment of tips with Rev. Rul. 2012-18 and it could have an impact on your bottom line and tip reporting systems. The key takeaway is how the IRS is distinguishing between tips and service charges.

07.25.12

The Art of Governance

When an organization assesses its governance, the organization should know itself. The organization should honestly assess its governance and seek to identify potential weaknesses. Who is the “enemy” in the world of charitable organizations? When discussing tax compliance, the “enemy” could be construed as the IRS.

07.17.12

Internal Accounting – Which Method to Use?

What is the correct accounting method to use when evaluating and managing your real estate venture? There are several methods which can produce significantly different results. If decision making for your business is based on your internal financial statements, make sure you understand which method is being used and what that means to your bottom line.