Nonprofit

When nonprofit contributions are quid pro quo

Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations. These transactions occur when your organization receives a payment that includes a contribution and you provide the donor with goods or services valued for less than the total payment. […]

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Nonprofits get guidance on audit requirements

For nonprofit organizations, federal funds can be subject to single audit requirements under the OMB Uniform Grant Guidance.  The SBA recently provided the following guidance for nonprofits receiving SBA funds under the CARES Act, whether they are from PPP (Paycheck Protection Program) or EIDL (Emergency Injury Disaster Loan) programs. SBA PPP loans given to Non […]

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Here’s how to handle gifts in kind and donated services

As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and […]

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990 Filing deadline has changed

A few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file their federal Form 990 due to coronavirus (COVID-19). The Internal Revenue Service (IRS) has extended the April 15 deadline for nonprofits, giving them until July […]

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Donor care during the COVID-19 pandemic

One of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are […]

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