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ProfitSense

LGT StaffOctober 27, 20254 min read

Is Your Nonprofit Prepared to Handle an Audit?

Whether your organization is preparing for an annual financial ...
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Jessica BrownMarch 19, 20253 min read

What Nonprofit Leaders Need to Know About Excise Tax to Avoid Penalties

These days, nonprofit leaders face a great deal of responsibility. ...
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Molly HockerJanuary 29, 20253 min read

Closing the Books Faster: Streamline Your Nonprofit's Monthly Close

Working in nonprofit accounting means taking responsibility for the ...
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Chadd DearenNovember 19, 20244 min read

FASB Standard Updates: What Nonprofits Should Know

The Financial Accounting Standards Board (FASB) routinely updates its ...
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Jessica BrownNovember 19, 20244 min read

Maintaining 501(c)(3) Tax-Exempt Status: Key Rules and Tips

Charitable organizations can take advantage of provisions in the tax ...
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Ben RogersOctober 28, 20243 min read

Practical Cash Management Tips for Nonprofits

Tracking and managing finances is incredibly important for any ...
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Justin Lewis, CPASeptember 23, 20243 min read

Common Audit Triggers for Nonprofits (And How to Avoid Them)

Nonprofit organizations with 501(c)(3) status may be exempt from ...
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LGT StaffAugust 27, 20243 min read

New FLSA Rules and Their Potential Impact on Nonprofit Payrolls

In September 2023, the Department of Labor (DOL) proposed new ...
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LGT StaffJuly 30, 20243 min read

6 Reasons to Outsource Accounting Tasks in a Nonprofit

Nonprofit organizations must often look for creative ways to optimize ...
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Justin Lewis, CPAJune 25, 20244 min read

5 Benefits of Board Diversity + Tips to Build Your Own Board

The board of a nonprofit organization has tremendous ...
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Justin Lewis, CPAMarch 26, 20243 min read

ACE Act Unveiled: Transforming Charity Landscape

The Accelerating Charitable Efforts Act was introduced in 2021 as a ...
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Chadd DearenFebruary 28, 20243 min read

Unlocking the Benefits of the New Markets Tax Credit for Nonprofits

The New Markets Tax Credit (NMTC) was established in 2000. The credit ...
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LGT StaffOctober 27, 20234 min read

What NFPs Need to Know About New IRS E-Filing Requirements for 2023

Nonprofit organizations must keep up with a rather large amount of ...
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Chadd DearenJuly 25, 20236 min read

Fraud-Proof Your Nonprofit: 10 Critical Steps for Protection

Fraud can have detrimental effects on not-for-profit organizations ...
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Babita Sherchan, CPAApril 25, 20234 min read

How New Markets Tax Credits Can Benefit Nonprofits

Nonprofit organizations (NPOs) that serve low-income communities ...
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Chadd DearenMarch 28, 20233 min read

Preparing Your Not-For-Profit for an Audit Under ASC 842

A set of accounting standards for leases is now mandatory for most ...
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LGT StaffJanuary 24, 20234 min read

Single Audit Requirements for Nonprofits that Receive Federal Funds

Government funding brings some rather complicated reporting and ...
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LGT StaffOctober 6, 20224 min read

Addressing Weaknesses in a Not-For-Profit’s Budget

Budgeting for the year ahead can often get pushed to the back burner, ...
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Babita Sherchan, CPAApril 11, 20223 min read

Comprehensive Guide to Planned Gifts for Nonprofits

Planned gifts, also called legacy gifts or deferred gifts, is an ...
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Jessica BrownMarch 15, 20224 min read

Developing and Maintaining a Nonprofit Planned Giving Program

Many nonprofit organizations develop planned giving programs to ...
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