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Supporting Your Faith with Fiscal Accountability

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I am so much more comfortable with how our finances are now being handled. Thanks for your help!

Dr. Randy T. Hodges, Senior Pastor
Hernando Church of the Nazarene

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3 tips for making the financial statement auditing process smoother

Not-for-profits aren’t required to produce audited financial statements. But audited statements are more likely to reassure big donors and grant makers about your financial stability and generally will be required if your organization applies for a bank loan. When you hire a CPA to audit your statements, the auditor is responsible for expressing an opinion […]

Got independent contractors? Get to know Form W-9

If your not-for-profit is perpetually shorthanded, you may have decided to engage independent contractors or freelancers to pick up some of the slack. Just make sure you’re collecting the right information from these individuals and filing it with the IRS. Clean paperwork now can save you a lot of headaches — including tax penalties — later. W-9 […]

When are sponsorship and advertising payments subject to tax?

Sponsorship and advertising dollars can provide a real boost to your not-for-profit organization’s income. However, if sponsors or advertisers receive a “substantial benefit” or if providing benefits isn’t a related business activity, you may owe unrelated business income tax (UBIT) on the payments. Here’s a quick look at what is and isn’t taxable. UBIT typically […]

Consider these 2 issues before searching for new staffers

Despite many predictions to the contrary, U.S. employers have continued to add workers to their payrolls and the unemployment rate has remained low — at 3.7% as of November 2023, according to the Bureau of Labor Statistics. Is your not-for-profit among the employers that need fresh staffers? The new year is a good time to start looking, […]

How to get the financing your nonprofit needs

Relatively high interest rates and tight lending standards are making it difficult for even for-profit businesses to apply and qualify for bank loans. But not-for-profits, which may lack adequate collateral or steady cash flow, generally face a greater uphill battle when it comes to obtaining financing. If you’ve ruled out finding a grant or launching […]

Best practices for effective board meeting minutes

If you think the recorded minutes of your nonprofit’s board meetings are just a formality, think again. Meeting minutes can become critical documents if, for example, your organization is audited by the IRS or your directors are sued due to a board decision. That’s why it’s important that your minutes capture the right information and […]

Want to Boost Income? Consider a For-Profit Subsidiary

Just because you run a not-for-profit organization doesn’t mean you can function on low or no income. Although your nonprofit’s tax-exempt status prohibits certain money-making activities, you may be able to create a for-profit subsidiary that isn’t hampered by such restrictions. In addition to producing income, a subsidiary can help you reduce taxable unrelated business […]

Joining Forces with another Nonprofit

A merger may seem like something that happens in the corporate world, where companies often combine to expand sales territory, gain competitive advantages and boost profits. But, in fact, mergers between not-for-profit organizations can offer similar advantages, including greater financial resilience and lower expenses. Over the past several years — particularly since the beginning of […]

Build a better nonprofit board with term limits

Are your not-for-profit’s board members subject to term limits? If not, you might want to consider implementing what’s widely considered a best practice. Some board members lose enthusiasm for the job over time or might even become ineffective or disruptive. Negative attitudes at the board level can easily trickle down and harm your organization’s programs […]

Clean energy credits: what you need to know!

Harnessing the Power of Clean Energy Credits: A Guide for Tax-Exempt Entities Under the Inflation Reduction Act of 2022 (IRA), tax-exempt entities have a unique opportunity to benefit from clean energy tax credits. In this blog, we’ll delve into what you need to know about claiming and receiving these valuable credits. The Impact of the […]

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