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Tag: nonprofit

Tax Benefits of Charitable Giving

By Wiss Associate As the new year is set in motion and you tuck away holiday presents, you may have stumbled upon items that you rarely ever use. Instead of finding additional space for these objects, it can prove to be more beneficial—and profitable—to donate them! If you break down your deductions, a contribution to an eligible philanthropic group can award you a charitable contribution deduction against your income tax.  Normally, you can subtract up to half of your adjusted gross...

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Preparing for Change: New Rules to Impact NJ Renewal Registration for Nonprofits

By Linda Curro Effective Jan. 1, 2017, New Jersey will require that all charity registrations and annual renewals be submitted digitally, using a new online filing system. In many ways, this is good news: A process that once required up to 75 pages of documents to be sent via snail mail will now go paperless, saving tons of waste. The new system also promises to streamline renewal reviews, enabling the state to more efficiently verify that the forms are completed and accurate. And...

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New Guidance for Nonprofits: Be Aware of FASB’s Changes in Nonprofit Reporting

By Diana Miller Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements. To prepare, nonprofit organizations should familiarize themselves with the following developments: Phase 1 (effective for fiscal years beginning after December...

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How to Get the Most Out of Your Nonprofit Board Experience

By Diana Miller Being asked to join the board of a nonprofit, whether it’s with a prestigious organization or one that’s relatively unknown, is an honor. Joining gives you the opportunity to do good for the arts, the underprivileged, the advancement of medicine or another worthy cause. And let’s be honest: It looks good on your resume, and the boardroom can be a great place to network. Saying yes to a board appointment is a no-brainer, right? While board membership is a great opportunity,...

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12 Days of Giving – Day 1: NJ Sharing Network

NJ Sharing Network is highlighted in Day 1 of the #12DaysofGiving Celebration. Wiss is proud to highlight this organization and their very caring and dedicated employees. The NJ Sharing Network is a non-profit, federally designated organ procurement organization. They are responsible for the recovery of organs and tissue for the nearly 5,000 New Jersey residents currently awaiting transplantation. Additionally, they are also part of the national recovery system, which is in place...

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Building a Future for Families: Wiss’ Recap of Habitat for Humanity Build Day

By Abby Blecker, Former Marketing Intern Wiss employees gathered in Morristown on July 1st to volunteer for the Habitat for Humanity of Morris County. Habitat is a nonprofit that provides homes with interest free mortgages for qualifying families, where the land is bought from the city at extremely low costs, and most of the materials used for each house are donated.  Homeowners embrace the Habitat process, especially their “sweat equity” concept, which requires homeowners to help...

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Are you Ready if the Not-for-Profit Financial Statement Standards Change?

By Diana Miller  Changes are finally coming in the content and presentation of financial statements for not-for-profit entities for the first time in almost 20 years. Although nothing has yet been finalized, these fairly significant proposed changes could affect classification requirements, liquidity, financial performance and cash flow, according to the Financial Accounting Standards Board (FASB), the regulatory body that oversees these standards. The package of proposed Accounting...

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Hitting Close to Home

By Dylan D’Alessio Wiss Partner, Craig Erickson had a special bond with his wife’s Uncle Dom, or as she called him, Zio, meaning “Uncle” in Italian. At the age of 17, he took an immediate liking to the man who was always ready to play basketball, have a catch or talk sports. Dom and Craig always had plenty to talk about, seeing as Uncle Dom was a huge Yankees fan and Craig was less than fond of them. Even though Uncle Dom was family, Craig was extremely thankful for how he...

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