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Tag: notforprofit

Tax Bill Impact on Transportation Benefits

Its intentions are good, but the 2017 Tax Cuts and Jobs Act (TCJA) can have a negative effect on non-profit organizations in at least a couple ways. We’ll take a look at how one of the new provisions of the TCJA complicates the provision of what might be a much-needed benefit for some of your employees. Disallowed Benefits The IRS explains the tax code change, known as section 512(a)(7), under the heading “Increase in unrelated business taxable income by disallowed fringe.” This...

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The Importance of Setting A Budget for Your NonProfit Organization

By Diana Miller, CPA The Importance of Annual Budgets for Nonprofit Organizations Sometimes the importance of writing and maintaining realistic annual budgets is not always understood -but it’s imperative for a number of reasons. For one thing, the document might find more interested readers than you suspect. Who Cares? Let’s start with your co-workers. Staffers need to know when funds will be available, or whether belt-tightening might soon begin (or continue). Your budget will...

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Do You Have an Accounting Policies & Procedures Manual for Your Nonprofit?

By Diana Miller Updated 7/30/2019. Written documentation of your organization’s policies and procedures regarding accounting practices always makes sense, regardless of your line of business. But it’s particularly critical when yours is a not-for-profit organization. While the production of such a document can be highly detailed and time-consuming, it’s worth it. And it’s a job you’ll likely only do once — or perhaps just tweak periodically as laws or conditions change. Let’s...

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FASB Issues Update for Nonprofit Organizations

By Vanessa Munoz In an effort to improve financial reporting for nonprofits, the Financial Accounting Standards Board (FASB) is implementing various changes.  Among these changes are how expenses are being reported. Current Guidance When it comes to financial reporting, many nonprofit organizations are only required to provide expenses by their nature (i.e. salaries, travel, rent, etc.). However, voluntary health and welfare organizations are also required to present a statement...

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New Leasing Standards: Key Elements of Changes Adopted by FASB

By Erin Silkowski Your company’s operation might rely heavily on leasing equipment or property as a way of using assets without the burden of purchasing or disposing of them when no longer needed. Due to changes adopted by the Financial Accounting Standards Board, many of these lease agreements that take place off the balance sheets will soon find their way on to them. As a result, it is essential to familiarize yourself with the upcoming changes sooner rather than later to avoid...

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Employment Tax Filings for Nonprofits: How to Ensure Compliance with IRS Rules

By Linda Curro Nonprofit organizations frequently form organically, in response to a need in the community. The people who establish and run them are usually concerned citizens and activists, passionate about the cause, but often less knowledgeable about the operational and financial aspects of running a nonprofit organization. However, it is critical for nonprofit leaders to understand business and finance, particularly when it comes to employment tax compliance. Failure to properly...

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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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