- Posted At : June 6, 2012 11:57 AM
- | Posted By : email@example.com
- Related Categories: Tax News, Not-for-Profit
According to the results from surveys completed by agents following audits of exempt organizations, nonprofits that follow good governance practices are more tax compliant. Nonprofits that tend to have fewer tax problems do the following:
- Have a written mission statement.
- Use comparability data to determine compensation.
- Have all board members review the Form 990.
- Have procedures in place to monitor use of organization assets.
Organizations controlled by one person or a small, select group tend to have more compliance problems.
MCB has over 60 years of experience working with not-for-profit organizations on their accounting, audit, tax and compliance needs. Contact Kathy Flaherty at 703.218.3600 or at firstname.lastname@example.org for more information regarding the compliance changes or to schedule a meeting to discuss your not-for-profit compliance requirements.