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06.10.11
The Value Of A Gift
One of the issues we frequently see, both when working on the financial statements of our not for profit clients and the tax returns of our individual clients, is how to value donations of goods and services. Not for profit organizations typically don’t advise their donors regarding what value to place on donated goods, as the organization appropriately doesn’t want to take any responsibility for what the donor reports on their tax returns. Further, donors are not entitled to a deduction for the value of services they provide.
04.08.11
Do You Have A Bank Or A Banker?
In today’s challenging business environment, everyone is looking for the best price around to save a buck. Whether you’re buying detergent at the grocery store or shopping around for a brand new car, the goal is to get the best deal possible. The same concept should apply to your banking relationship. However, when providing a service, there are the tangible considerations, such as fees. But there are the intangible considerations as well, or the value that comes with having a true relationship.
04.01.11
Cover-ups and Whistleblowers. Oh, My!
The Sarbanes-Oxley Act of 2002 was enacted on July 30, 2002, less than one year after the first announcement of problems at Enron.
The Act applies to “Issuers”, namely publicly-traded companies, as defined in the SEC Act of 1934. However, the Act includes two provisions that are applicable to all corporate entities, including not-for-profit organizations: document retention and destruction and whistleblower protection.
03.25.11
To Contract or Not To Contract, That Is The Question
The question, to contract or not to contract has baffled business owners and organizations for as long as Shakespeare as been asking, "To be or not to be".
03.18.11
Don’t Double Down With Event Documentation
It’s that time of year when charitable organizations start planning their annual fund raising events, many of which consist of formal sit down dinners, cocktail parties, silent auctions and casino nights. However, the tax deduction allowed by the IRS for these events can vary based on the type of contribution received from your donors. But we would not recommend to doubling down with them.
03.11.11
Do Gooder Risk
Serving on the board as a director or officer for a non-profit organization is often an altruistic action that many of us accept because it feels good to passionately support a cause that we believe in; however, it is rare that appropriate consideration is given to the risks associated with these types of affiliations. This is what I like to call the "Do Gooder Risk".
03.02.11
Not-for Profit Accounting Solutions: What You Need to Know
Reducing costs, while increasing operational efficiencies and insights, are key operational goals for not-for profits today. Improving the not-for profit’s accounting software is one way to achieve this.
Until recently, the conventional wisdom was that only software packages designed specifically for the not-for profit market could adequately meet the specialized needs of tax-exempt organizations. Today’s advances in technology provide multiple choices.
02.23.11
Helping Your Donors Help You
If you are a not-for profit organization, you should know that the tax law that was passed in late December 2010, Congress temporarily reinstated a provision allowing taxpayers receiving taxable IRA distributions to make donations of up to $100,000 to their favorite charity. The great thing about this tax provision is that the donor does not have to include the gift as income.
02.15.11
Get S.M.A.R.T!
Every not-for profit organization starts our the year with new goals, hopes, dreams and expectations of greatness.
Did your organization's year start out this way? So how’s that going for you? Everything you thought it would be? Well, if it is not going as well as you thought, don’t get too discouraged. I would like to share with you some simple and easy steps for reaching your goals and putting the bounce back into your step.
02.06.11
The Health Care Tax Credit is Nothing to Sneeze At
Has your not-for profit organization taken advantage of the new health care tax credit? If not, you may be missing out on an opportunity to keep your organizations employees and your bottom line healthy.
Under the Affordable Care Act that was enacted on March 23, 2010, a new small business health care tax credit is now available to both small businesses as well as small tax-exempt organizations and is targeted to those employing low and moderate-income workers. The credit is designed to encourage small employers to offer health insurance coverage for the first time or to maintain coverage that they already provide.