Employee Retention Credit for Nonprofit Organizations

The Employee Retention Credit (ERC) is a refundable payroll tax credit for which business organizations, including tax-exempt organizations, may be eligible. The ERC was initially created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, then extended and modified by the Taxpayer Certainty and Disaster Tax Relief Act of [...]

Not-For-Profit Revenue Recognition

By now, most not-for-profit organizations have implemented Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. While the ASU was intended to simplify the revenue recognition decision process, many have found it complicated and have struggled to implement it correctly. The ASU [...]

Coloring Inside the Lines of Nonprofit Governance

"Stay inside the lines!" It's something we've all been told at least once in our lives. That advice doesn't just work for coloring books. It can also apply to nonprofit governance. One of the most common problems nonprofit leaders face is tension stemming from overstepped boundaries. In addition to making for some awkward board meetings, [...]

2021-02-15T09:52:14-06:00February 12th, 2021|NOT-FOR-PROFITS|

Five Internal Controls to Prevent Fraud in Nonprofits

Fraud—it doesn't just happen in big corporations. It can also be a real threat to nonprofits of any size. In fact, some characteristics of nonprofit organizations make them particularly vulnerable to fraud: money matters tend to take a back seat to mission; staffing can be limited; and volunteers often lack accounting knowledge. Add cash and [...]

2021-02-11T13:21:24-06:00February 11th, 2021|NOT-FOR-PROFITS|

Comparison: COVID-19 Employer Relief Options

Information updated as of April 2021.   Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under 50 employees, or are you self-employed? Is your business quarantined or are you able to continue working as normal, or by telework? [...]

Which Type of Charitable Trust Is Right for You?

A charitable trust is one of the most visible entities funding nonprofit organizations in the country today. You may have seen acknowledgments for their contributions to public radio and television stations, arts and science organizations, or even your alma mater. If you've been considering establishing a charitable trust to meet your giving goals, it's time [...]

2020-12-03T18:50:20-06:00December 3rd, 2020|NOT-FOR-PROFITS|

Pooled Income Funds Benefit Both Donor and Charity

What do you do if you want to make a significant donation to charity, but you also want to maintain an income stream throughout your lifetime? Investing in a pooled income fund might be the answer. This type of fund allows donors to make contributions of cash, stocks, and other assets. Those assets are pooled [...]

2020-12-01T14:59:04-06:00December 1st, 2020|NOT-FOR-PROFITS|

IRS Takes Aim at Private Foundations

The Internal Revenue Service (IRS) has turned the old audit paradigm on its head by introducing a new enterprise, or holistic approach that allows it to more effectively target its audits. This new initiative, announced by two IRS commissioners at a tax forum held on July 10, 2020, identified over 1,000 private foundation returns associated [...]

What’s Behind the Hype About Donor-Advised Funds?

Donor-advised funds—a term that you may have heard popping up as of late. Though this type of charitable giving vehicle has been around since the 1930s, it has only recently experienced a boom in growth. Between 2013 and 2018, contributions to donor-advised funds increased by 86 percent. The year 2018 saw $37.12 billion in contributions [...]

2020-09-23T11:18:00-05:00September 22nd, 2020|NOT-FOR-PROFITS|

Smarter Giving: Four Things to Know When Considering Charitable Contributions

What will your legacy be? Donating to a nonprofit organization through an estate or trust is one way to ensure the cause you care about will be supported for years to come, even after you’re gone. It can be an emotional choice, but it's important to consider the financial implications of charitable giving to be [...]

2020-09-22T16:12:07-05:00September 22nd, 2020|NOT-FOR-PROFITS|

How the Paycheck Protection Program Affects Nonprofit Organizations

The terms COVID-19, CARES Act, Paycheck Protection Program (PPP), and PPP Flexibility Act of 2020 (PPP Flexibility Act), are likely now a part of your daily vocabulary. The introduction of these new programs means that there are now some important considerations that your nonprofit organization should be aware of as you continue to navigate through [...]

2020-07-20T14:16:35-05:00July 14th, 2020|NOT-FOR-PROFITS, REVENUE RECOGNITION|

Effective Dates For ASC 606 and ASC 842 Deferred by FASB

With the COVID-19 pandemic bringing unexpected challenges over the course of the last few months, FASB has officially issued Accounting Standards Update (ASU) 2020-05 providing privately-held entities and private nonprofit organizations with a one-year deferral of the ASC 606, Revenue from Contracts with Customers, effective dates, and ASC 842, Leases. The newly passed ASU 2020-05 will postpone [...]

CARES Act Funding and the SEFA for Governmental and Not-for-Profit Entities

As governmental and not-for-profit entities begin to receive and spend funds provided under the CARES Act, many unanswered questions related to the administration and treatment of the myriad funding sources remain. Auditors and auditees are looking ahead to determine the effect of these programs on upcoming audits. While there is very little conclusive information available [...]

2020-05-11T15:49:44-05:00May 5th, 2020|COVID-19, GOVERNMENTS, NOT-FOR-PROFITS|

Maintaining Financial Controls in a Disrupted, Remote-Work Environment

In light of the recent COVID-19 outbreak, most nonprofit organizations have now been required to instruct many of their employees to work remotely or implement the use of technology to continue providing programs and collect contributions. This transition is unchartered territory in an environment that is evolving daily. Most organizations have policies and controls that [...]

2020-04-13T15:20:25-05:00April 13th, 2020|COVID-19, NOT-FOR-PROFITS|

Changes in the Charitable Contributions Rules Under the CARES Act – Additional Donation Opportunities

The recent CARES Act provided some additional relief for not-for-profit organizations that may be facing significant hardships due to the COVID-19 pandemic. Relief comes in the form of Paycheck Protection Program (PPP) loans, expanded eligibility for emergency disaster loans, and payroll-related credits and tax deferrals. One area that may not be getting as much attention [...]

2020-04-03T15:17:54-05:00April 3rd, 2020|COVID-19, NOT-FOR-PROFITS|

COVID-19 and Nonprofits: How Can PPP and EIDL Programs Help?

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. On Friday, March 27, in response to the devastating impact of the COVID-19 pandemic on the U.S. economy, Congress passed, and President Trump signed the Coronavirus [...]

2020-04-24T11:50:17-05:00April 2nd, 2020|BUSINESS SUPPORT, COVID-19, NOT-FOR-PROFITS|

Managing Your Costs: It’s Tougher Than You Think

We are experiencing some extraordinary times. Our lives are far from routine and our organizations are going through some excruciating pain. As the title suggests though, managing costs is a necessity. Doing something different than you might have done before will be tough, but the hardest part will be to actually make the decisions. We [...]

2020-04-02T14:03:07-05:00April 2nd, 2020|COVID-19, NOT-FOR-PROFITS|

Governmental Funding Opportunities Related to COVID-19

As the effects of COVID-19 continue to impact the economic and funding environment facing both state and local governmental entities, and nonprofit organizations of all sizes, essential services are in danger of being compromised. It is vital for the constituents and the clients of your organization that essential services be continued, even as social distancing [...]

2020-04-03T12:44:59-05:00April 2nd, 2020|COVID-19, GOVERNMENTS, NOT-FOR-PROFITS|

Keep Your Nonprofit Organization’s Contributions Flowing During COVID-19

Have you had to cancel or postpone your fundraising event or gala? Are you in the middle of a capital campaign? Do you have restricted grants or contributions? As a nonprofit organization, you are probably concerned about contributions, revenue, and cash flows for your organization. There are a few things you can do to help [...]

2020-03-31T18:55:16-05:00March 31st, 2020|COVID-19, NOT-FOR-PROFITS|

Critical Questions for Nonprofit Governance During COVID-19 Pandemic

During the COVID-19 pandemic, information is changing daily, even hourly. While management is managing the day-to-day activities, the Board of Directors also has a key role in oversight, and its fiduciary duties do not stop. In its oversight, the Board must monitor management activities, make assessments as to whether management actions are appropriate, and provide any [...]

2020-03-30T23:08:06-05:00March 30th, 2020|COVID-19, NOT-FOR-PROFITS|