Nonprofit

Time to plan an in-person board retreat?

As states open for business and the need for social distancing recedes, your not-for-profit organization may want to think about scheduling an in-person retreat for your board of directors. Members are likely to welcome the opportunity to see one another again in the flesh and a retreat can provide them with a chance to de-stress […]

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Do you know the new accounting rules for gifts in kind?

If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services, and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets is intended to increase transparency around gifts in kind. […]

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Minimize the need to make year-end financial adjustments

If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at year-end. Why do auditors do this? Generally, it reflects differences due to cash basis vs. accrual basis financial statements. But you can help minimize the need for such adjustments. Here’s […]

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Reduce your nonprofit’s liability risk with D&O insurance

Not-for-profit organizations may operate under the assumption that their missions and their board members’ good intentions protect them from litigation. Sometimes, this assumption is proven wrong with a lawsuit. To protect your leaders from financial exposure, consider directors and officers (D&O) liability insurance. This coverage allows board members to make decisions without fear that they’ll […]

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Protect your organization’s fragile tax-exempt status

Not-for-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Sec. 501(c)(7), and other provisions, nonprofits are tax-exempt. But your tax-exempt status is fragile. If you don’t follow the rules laid out in IRS Publication 557, Tax-Exempt Status for Your Organization, the IRS […]

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