Credit card use: Having a policy can thwart misuse

When it comes to fraud in any organization, credit cards are frequently a fraudster’s tool. Because the use of credit cards is so commonplace today, there’s always the risk of improper charges to your account. Credit card misuse could hurt your organization financially and jeopardize its reputation in the community.

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Topics: Accounting Tips, Not-for-Profit, Audit

The latest on occupational fraud: Who the perps are

Occupational fraud is an unfortunate reality for just about every employer, nonprofit organization or otherwise. But you might be able to reduce the risk of costly losses if you understand some of the common traits of fraud perpetrators. The 2016 Report to the Nations on Occupational Fraud and Abuse from the Association of Certified Fraud Examiners ("ACFE") provides some useful insights on these characteristics.

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit

News for Nonprofits

Posted by Maura Noonan, Supervising Senior on Feb 22, 2017

Is your next board chair prepared to lead?

Only half of board chairpersons are prepared for their leadership role when they take on the post, according to a recent survey by the Alliance for Nonprofit Management.

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit

Ready for a raffle?

Posted by Marissa Ha, Senior I, Tax Services on Feb 22, 2017

Follow the rules and this fundraising tool could be a winner

Raffles have long been a popular fundraiser for nonprofits. They’re easy to produce, affordable for participants and reliable revenue generators.

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Topics: Accounting Tips, Not-for-Profit, Tax

Avoiding UBIT: Follow the rules for corporate sponsorships

Posted by Nicole Ansiaux, Senior I, Tax Services on Nov 9, 2016

Many non-profits dream of landing hefty corporate sponsorships to help pay for the costs of a conference, fundraiser, or other costly event. Money from deep pockets is optimal, but you don’t want the IRS to consider the payments “paid advertising”, and thus taxable as unrelated business income.

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Topics: Accounting Tips, Not-for-Profit, Audit

Are You There, Supporter? It’s Me, Not-for-Profit

Posted by Victoria Hernandez, HR Specialist on Oct 5, 2016

As people have become more vocal about socializing online, businesses have been listening. Social listening. And now not-for-profits are beginning to join them.

This new approach has become a cost-effective way organizations can see what interests their supporters, along with a great way to gain more momentum within their organization. So, what exactly is social listening, and how do I get started? 

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit

Warning about state laws for NFPs

Not-for-profit organizations (“NFPs”) may not realize that operating outside their home state may create regulatory and tax compliance responsibilities. States have a vested interest in making sure that NFPs are operating for their intended charitable purposes, and are not fraudulently soliciting its residents for donations.

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Topics: Accounting Tips, Not-for-Profit, Tax

NFPs See Biggest Accounting Changes in More Than Two Decades

The Financial Accounting Standards Board, also known as FASB, has released Accounting Standards Update (“ASU”) 2016-14 with huge changes for Not-for-Profit Entities (“NFPs”). You’re probably wondering why there even was an update. Great question.

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Topics: Accounting Tips, Not-for-Profit, Audit

“Super metrics” can win the day

Everyone, it might seem, wants to know how effectively your not-for-profit is fulfilling its mission and running its operation. Performance, or outcome, measurement — essentially a way to determine the impact of a program or activity — can supply interested onlookers with the proof they need to know you’re doing your job. Unlike traditional measures, such as number of clients served or amount of donations received, these “super metrics” allow an organization to assess whether a program is achieving its intended results.

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Topics: Accounting Tips, Not-for-Profit, Audit

How to Protect Your Tax-Exempt Status

Posted by Maura Noonan, Supervising Senior on Aug 4, 2016

What would happen if your not-for-profit lost its federal tax-exempt status? The thought might send shivers down your spine, and it should. Here are reminders about some of the actions that are required — or should be avoided — to maintain your 501(c)(3) status.

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit