Non-Profits
Today is Giving Tuesday, an annual global generosity movement that started in 2012. Many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Planned giving programs help donors make plans to leave money or assets to a nonprofit at a future…
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Organizations with calendar year ends should prepare for audit fieldwork. A little prep work this fall can help facilitate the process, minimize adjustments and surprises, and add more value to the audit process. Here are four ways to gear up for your audit. 1. Disclose operational changes Internal and external changes may bring opportunities and…
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Financial statements tell investors information about an organization’s financial performance, helping to ensure corporate transparency and accountability. They can also be used internally to help management make strategic decisions, improve upon past results, and add value. There are three parts to comprehensive financial reporting under U.S. Generally Accepted Accounting Principles (GAAP) — each with a…
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If you’re looking for another way to attract and retain staffers that won’t bust your nonprofit’s budget, consider offering an accountable plan. It’s an easy and low-cost way to reimburse employees for out-of-pocket expenses free from income and employment taxes. Let’s take a look. Reasonable reimbursements Accountable plan reimbursement payments aren’t subject to income or employment…
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Tax reporting may be the last thing on your mind when planning a special fundraising event. Your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Be sure to pay attention to the following issues. What to report for a fundraising event Tax reporting for an…
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Several years ago, when cryptocurrency was still a novel concept, many nonprofits chose not to accept crypto donations. Now, crypto is so ubiquitous that it’s difficult to refuse it. Yet crypto remains a risky and even unstable form of currency. Here are a few things to think about when accepting these donations. Cryptocurrency basics Cryptocurrency…
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