Not-for-Profit

Throw a Company Picnic for Employees This Summer and Enjoy Larger Deductions

Yeo & Yeo CPAs & Business Consultants

Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. B... Learn How

Best Practices for Effective Donor Acknowledgment Letters

Bradley DeVries

Donor contributions are often a primary source of unrestricted funds for many nonprofit organizations. Therefore, look to acknowledgment letters as an opportunity to strengthen donor relations – use them as a means to celebrate an organization’s successes and keep donors’ contributions rolling in. The multi-purpose acknowledgment lette... Read More

Department of Labor’s Final Rule on Overtime Signals Big Changes for Companies

Yeo & Yeo CPAs & Business Consultants

The U.S. Department of Labor (DOL) has issued the “Final Rule” version of its amendments to overtime pay requirements, affecting more than four million workers who may qualify for overtime pay. The new rules will take effect December 1, 2016.  The new rules include changes to the criteria used to define overtime exemptio... Learn More

What Picture Are You Painting With Your Form 990?

Michael Evrard

Many nonprofit organizations view the Form 990 as a “tax return” – a document that is tedious to complete, and that must be filed with the IRS as one of several requirements to maintain tax-exempt status. However, Form 990 is not really a tax return at all. The core Form 990 and its various sub-schedules are more accurately described a... Read More

Entrepreneurs: What Can You Deduct and When?

Yeo & Yeo CPAs & Business Consultants

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How expenses are handled ... Learn More

Nonprofits Can Register With AmazonSmile to Earn .5 Percent of Amazon Purchases

Tim Crosson, Jr.

AmazonSmile is an accessible, no-cost fundraising opportunity operated by Amazon.com that can help supplement the existing charitable contributions a nonprofit organization receives. The process is simple and it all starts with Amazon.com customers. Customers interested in participating are required to select a charitable organiza... Learn More

Functional Expense Allocation for Nonprofits

Tim Crosson, Jr.

Functional expense allocation can be challenging for nonprofits. Expenses must be divided among various functions, according to the purpose for which the costs are incurred. What are the differences between the types of functional expense classifications -- program services, supporting services, management and general ... Read the Whitepaper

What’s Your Charitable Donation Deduction?

Yeo & Yeo CPAs & Business Consultants

When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction: Cash. This includes not just actual cash but gifts made by check, credit card or payroll deduction. You may deduct 100%. Or... Learn More

Alternative Investments: What a Not-for-Profit Needs to Know

Jessica Rolfe

Alternative investments are becoming more and more common as investment instruments for not-for-profit organizations. Alternatives are not your typical investments in items such as stocks, bonds and cash. They are not traded on an active market, even though they are often listed alongside traditional investments on the financial statem... Learn More

Why are Written Policies and Procedures so Essential for Not-for-Profits?

Yeo & Yeo CPAs & Business Consultants

The importance of written policies and procedures for a not-for-profit organization is evident now more than ever before. By definition, they are a set of principles, rules and guidelines formulated and adopted by an organization to reach its long-term goals, typically published in a booklet or other form that is widely accessible. Wel... Learn Why