Nonprofit

Nonprofit Quick Tip: Delegation of Authority Policy

Wendy Thompson

Do you know who in your nonprofit has authority to make certain types of decisions? The guidelines should be spelled out in a delegation of authority policy. The delegation of authority policy should first delineate which decisions must be addressed by the board of directors. This likely includes strategic items such as the organizat... Read the Nonprofit Quick Tip

Records

Records Retention Guidelines to Remember During Spring Cleaning

Yeo & Yeo CPAs & Business Consultants

Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines. Federal Tax Records Most tax advisors recommend that you retain copies of your finished tax returns indefinitely to prove that you actually filed. Even if you don't keep th... Learn more

Fraud

Look Out for These Five Fraud Perpetrators

Amy Buben

The Embezzler. The Common Thief. The Hacker. The Inventor. The Glutton. No, these aren't cartoon villains. They're all-too-real occupational fraud perpetrators who fleeced their employers of thousands — or even millions — of dollars. Although we've attached the names to actual criminals in cases reported by the U.S. Justice D... Look out

nonprofit

Receiving Donations from Network for Good

Michael Evrard

Although Network for Good (NFG) has been established for several years, recently the nonprofit community has seen the popularity of the online service rise. If you received a check from Network for Good unexpectedly, you probably had several questions. Why am I getting this money? Who did it come from? Is there a catch if I cash the check? I... Learn more

Charity

Have You Properly Substantiated Your 2018 Charitable Gifts?

Yeo & Yeo CPAs & Business Consultants

Donating to charity is a key estate planning strategy for many people. It reduces the size of your taxable estate and it can help you leave a lasting legacy with organizations you care about. The benefit of making such gifts during life rather than at death is that you may be eligible for an income tax deduction. Qualifying for a charita... Have you properly substantiated your 2018 charitable gifts?

How to Calculate Nondeductible Parking Expenses

Wendy Thompson

Legitimate business expenses – including parking expenses – that have always been deductible may now be nondeductible. There has been an increasingly large uproar about these nondeductible expenses since the regulations were released in December 2018 (Notice 2018-99). The regulations were billed as describing the process for nonprofits, but when... Learn how to calculate your parking expenses

Nonprofit

Nonprofit Quick Tip: Change in Net Asset Classes

Jessica Rolfe

The new FASB ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is now in effect for year-ends December 15, 2018, and later. One of the major changes with this standard is the change in classes of net assets to “without donor restrictions” and “with donor restrictions.” Not only does this standard change the lo... Read the nonprofit quick tip

Nonprofit

Lobbying and Political Expenditures for Nonprofits

Yeo & Yeo CPAs & Business Consultants

Nonprofits have strict compliance rules for what they can – or, more correctly, cannot – do related to lobbying and political expenditures. Although these terms seem to complement one another, they are in fact distinct from each other, and the layman’s understanding of the terms is not the same as the IRS’s definitions in most cases. Wor... Learn about lobbying and political expenditures for nonprofits

Advocating

Nonprofit Quick Tip: Code of Ethics

Mary Kreider

An organization’s code of ethics establishes the integrity and ethical values that provide a framework for decision-making. It guides behavior to be in support of the mission, for staff, board members, volunteers and others who work with the organization. The code of ethics is also an important step in creating a control environment wher... Read the nonprofit quick tip