Nonprofit

Nonprofit Quick Tip: Social Media Policy

Mary Kreider

Social media allows nonprofits to interact and share their mission, vision, and core values with many audiences. Developing a social media policy to enact clear guidelines is essential in the development of a nonprofit organization’s online presence. A social media policy outlines how the organization and its employees should conduct the... Read the Nonprofit Quick Tip

Charity

Volunteering for Charity: Do You Get a Tax Break?

Yeo & Yeo CPAs & Business Consultants

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may seem like donations of s... Do you get a tax break?

Lobbying

Lobbying and Political Expenditures: A Nonprofit Perspective

Bradley DeVries

Within your nonprofit, be careful not to blur the lines between lobbying and political expenditures. Although these terms may seem alike, they are two distinct activities that carry significant compliance requirements and can impact your nonprofit’s tax-exempt status. Therefore, it is imperative to be well-versed in the compliance requir... Learn about the nonprofit perspective on lobbying and political expenditures

Nonprofit

Nonprofit Quick Tip: Operating Reserves

Bradley DeVries

Generally speaking, operating reserves are your organization’s “rainy day fund.” Why are they important? For starters, an organization’s rainy day fund is there to protect against the unexpected. Those of us who have worked in or with the nonprofit industry for a long enough time know not to take anything for granted. Regular contribution so... Read the Nonprofit Quick Tip

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