Principal named President-Elect of CREW Dallas

Posted by lgtcpa on Nov 29, 2017

Commercial Real Estate for Women’s Dallas Chapter (“CREW Dallas”), a not-for-profit organization, recently named Shea Kracheck, Tax Principal at LGT, as the 2018 President-Elect. Over her four-year term, Shea will shepherd the Board of Directors in their responsibilities for setting goals, priorities, strategic objectives, and more.

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Topics: Real Estate, Not-for-Profit, Tax

Five cybersecurity measures not-for-profits should take now

Posted by lgtcpa on Nov 29, 2017

With so much on their plates, it’s not surprising that cybersecurity isn’t at the top of some not-for-profits’ to-do lists.

But cyber risks are real and can prove costly in terms of both finances and reputation. Fortunately, you can take some proactive steps to reduce your risks without breaking the bank.

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Topics: Not-for-Profit, cyber security, cybersecurity

How NFPs can be prepared for an audit

Posted by Whitney Price, Tax Senior II on Sep 25, 2017

Nothing can strike fear in the heart of a not-for-profit like receiving the news that it has been selected for an IRS audit. An audit can be intimidating, not to mention costly and time-consuming. Keep in mind the IRS has recently released internal guidance for requesting audit information from tax-exempt organizations.

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

News for not-for-profits

Posted by Reham El-Sherazi on Aug 23, 2017

PayPal faces lawsuit over diverted donations

Payment processing company PayPal faces a class action lawsuit over its “Giving Fund” platform. The lawsuit claims the platform lists charities that aren’t registered to receive donations and doesn’t inform donors that unregistered charities won’t receive their donations.

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

What’s the difference between not-for-profit and for-profit financial reporting?

Board members and new staff from a for-profit background don’t always grasp the differences between the for-profit and not-for-profit ("NFP") worlds. One area of significant variation is their financial reporting approach, including both goals and practices.

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

Are your procurement procedures up to snuff?

Posted by Maura Noonan, Supervising Senior on Aug 23, 2017

The new federal procurement standards significantly alter the way not-for-profits handle purchasing. And while most organizations have already changed their written policies to comply with the new standards, you may find it easier to follow the rules on paper than in practice.

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Topics: Accounting Tips, Not-for-Profit

Investment income:  Recognize UBI when you see it

Posted by Nicole Ansiaux, Senior I, Tax Services on Aug 2, 2017

Most not-for-profit leaders understand a principal truth of their tax-exempt status: The IRS generally considers any revenue they take in that’s not related to their mission to be unrelated business income (UBI), and that income is subject to tax. Not-for-profits that don’t pay tax on that income face the possibility of back taxes, penalties and interest — and, in extreme cases, the loss of their tax-exempt status.

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

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