Not-for-Profit

Policies and Procedures: A Roadmap to Success

Bradley DeVries

Regardless of the size of your nonprofit organization, well documented policies and procedures are an essential component to your continued success. Most nonprofit organizations are designed to carry on their missions beyond the tenure of their current directors, employees and trustees. With that in mind, a well-documented Policies and P... Learn More

Maximize Your Form 990 as a Public Marketing Tool

Jenna Romain

Many nonprofit organizations rely on their CPA to prepare Form 990, but there are some key areas that nonprofit managers can help prepare to maximize their Form 990 as a marketing tool. Form 990 has many different users including contributors, funders, and the general public. Because it is public information that anyone can access, users may... Learn More

Start Creating a Liquidity Policy Now

Wendy Thompson

Numerous changes are coming for nonprofit financial statements with ASU 2016-14 Not-for-Profit Entities Presentation of Financial Statements of Not-for-Profit Entities. One of those changes is a required footnote on liquidity, which will be effective for years beginning after December 15, 2017. There is an unwritten premise within this s... Learn More

FASB ASU 2016-14 – Key Changes in Expense Reporting

Jessica Rolfe

The new FASB Accounting Standards Update (ASU) 2016-14 is bringing on several changes for nonprofit financial reporting and disclosures that will go into effect for fiscal years beginning after December 15, 2017. One of those changes involves the reporting of expenses. ASU 2016-14 will require that functional expenses be reported as part... Learn More

Functional Expense Changes Under FASB ASU 2016-14

Wendy Thompson

Nonprofits with years ending December 31, 2018, and later will implement the new nonprofit accounting standard, FASB ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. This new standard is the first significant change to nonprofit accounting in 20 years. One of the key changes in this standard relates to fu... Learn More

Michigan Sales Tax Complexities for Nonprofits

Lauren Edgley

Many nonprofit organizations believe that since the IRS has granted tax-exempt status, the organization is exempt from all taxes. However, that is not the case, and Michigan sales tax is one significant area that impacts most nonprofit organizations. The default treatment for sales tax for a nonprofit organization is the same as for a fo... Learn More

Do Your Part for Donors - IRS Substantiation Rules Apply to Contributors

Michael Evrard

Your donors are currently in the middle of filing their tax returns – it is very important to make sure that your organization is following the IRS’s donation substantiation rules so that your benefactors have the proof they need to deduct financial gifts. Proper documentation is also crucial so that your donors do not have any future pr... Learn More

Protect Your Future With Solid Operating Reserves

Tim Crosson, Jr.

Operating reserves are not a luxury—they are 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. A recent report from the Nonprofit Finance Fund, a community de... Learn More

A Business Owner’s Key to Success: Focusing on the Big Picture

David W. Schaeffer

Why do so many businesses continuously struggle to make ends meet, while others appear to thrive year after year? Why do some business owners seem to have an unlimited amount of time to take family vacations and play active roles in their communities, while others work an excessive amount of hours and are seemingly chained to their business? On... Learn the Keys to Success