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

Protect your future with solid operating reserves

Operating reserves aren’t a luxury — they’re a necessity for financially savvy nonprofits. Organizations without adequate operating reserves leave themselves vulnerable to the financial instability and damaged reputation that interruptions in incoming revenue might bring.

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

Six-month Form 990 extension soon to be a reality

Posted by lgtcpa on Aug 4, 2016

Not-for-Profits ("NFPs") have received some welcome tax news from an unlikely source — the federal highway funding bill. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 modifies several due dates for tax returns, including the Form 990 annual information returns.

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Topics: Not-for-Profit, Tax

Pinpointing Key Issues in Licensing Agreements

As the economy slowly crawls back, many not-for-profits (“NFPs”) are still experiencing stagnant or even declining revenues, prompting them to look to nontraditional types of revenue sources—including licensing agreements.

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Topics: Wealth Management, Not-for-Profit, Healthcare