Charitable Gifts: Getting the Paperwork Right

If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things: Have a bank record or written communication from the charity for any monetary contributions. Get a written acknowledgment from...

How Nonprofits Can Benefit from CPA Advice

At many nonprofits, managers may be spending much time trying to decide if it’s worth the money to engage a CPA firm to help the organization with its finances. After all, resources are often very limited at nonprofits. However, managers would do well to consider all...

Managing Requirements for Grants Received

Requests for transparency and accountability keep growing with the demands that contributions be used as intended. You need to track and report on segregated accounts, treating funds as separate entities with their own general ledgers. More than 20 years ago, the...

4 Tax Concerns for Nonprofits

Just because you run a nonprofit, it doesn’t mean you can completely ignore taxes. You still have to file. In fact, if your nonprofit fails to file its annual federal return (Form 990) for three consecutive years, its tax-exempt status will be revoked...

Guide to Preparing for an Audit of Your Nonprofit

Having an independent audit is a significant endeavor. Not only is it an expense, but it also requires a lot of preparation. The auditors will need access to all of the information they need to help them carry out their mandate — that is, examining your organization’s...
X