Your non-profit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits are not mandated, however, they are often recommended. These audits can provide assurance to donors and...
Want to increase your non-profit’s revenue? First, try analyzing current income as a professional auditor might. Then, you can apply your conclusions to setting annual goals, preparing your budget, and managing other aspects of your organization. Compare Contributions Compare the donation dollars raised in past years to...
In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that is especially complicated relates to ‘embedded’ leases. Updated Guidance Accounting Standards Update (ASU) No. 2016-02, ‘Leases (Topic 842)’, requires...
Your non-profit has a board of directors — so why would it need an additional advisory board? There are a few reasons. Some organizations assemble advisory boards to provide expertise for a specific project, such as a fundraising campaign. Other organizations use them to give...
Factors such as wealth level, education, and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help non-profits target particular groups for support. The newest generation of adults belong to what is...
Non-profit organizations can lose their tax-exempt status in a variety of ways — including participating in lobbying and campaign activities, receiving excessive unrelated business income, and allowing board members to financially benefit from their positions. The most common reason non-profits lose their status, however, is...
Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses...
The 2020 presidential election is fast approaching and your non-profit has a stake in its outcome. But that does not mean your organization is free to participate in campaign activities. In general, Section 501(c)(3)s risk losing their tax-exempt status if they participate in campaigning. However,...
In times of turmoil, your board of directors should be your non-profit’s rock-solid foundation. But what if your board is understaffed or simply does not provide the leadership your non-profit requires? Think about rebuilding it — and the sooner the better. Financial, public health, and...
Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud...