Online Stewardship Accounting & Consulting Services

You may know the difference between nonprofit and for-profit accounting systems, but do your newest employees and board members? Not-for-profits and businesses share certain similarities. For example, both must carefully track transactions and produce accurate, timely financial statements. But there are enough differences between the two that you may want to provide training for new board members and staffers who come from corporate backgrounds.

Profit vs. charitable mission

For-profit companies are driven to maximize profits for their owners. Nonprofits, on the other hand, generally want revenue to cover the costs of fulfilling their mission now and in the future.

Their respective financial statements reflect this difference. For-profits report mainly on profitability and increasing assets, which correlate with future dividends and return on investment to owners and shareholders. Nonprofits report on their financial position, stability and expenditures to funders, board members, the community and tax authorities.

Balance sheet vs. statement of financial position

For-profits and nonprofits use different financial statements to report assets and liabilities. For-profit companies prepare a balance sheet that lists the owners’ or shareholders’ equity, which is based on the company’s assets, liabilities and prior profits.

Nonprofits, which have no owners, prepare a statement of financial position, which also looks at assets, liabilities and prior earnings. Resulting net assets are classified as those without donor restrictions and those with donor restrictions. Nonprofits usually are more focused on transparency than are for-profit companies. Therefore, their financial statements and footnotes generally include disclosures about the nature and amount of donor-imposed restrictions on net assets, as well as internal limits set by the board.

Income statement vs. statement of activities

For-profits and nonprofits also take different reporting approaches to revenues and expenses. For-profits produce an income statement (also known as a profit and loss statement), listing revenues, gains, expenses and losses, to help evaluate financial performance.

Nonprofits often rely on grants and donations, in addition to fees-for-service income. So they prepare a statement of activities, which lists all revenues less expenses, and classifies the impact on each net asset class.

Unlike for-profit businesses, nonprofits also prepare a statement of functional expenses. Here, they break down their expenditures (such as salaries and benefits, rent and utilities, and office supplies) into functional categories — program, administration (also referred to as management) and fundraising. This statement often is used to help nonprofits prepare their annual Forms 990 and can provide greater transparency to their donors and supporters.

Other differences

There are other nonprofit financial reporting and accounting concepts that may be important for staffers and board members to learn, depending on their responsibilities. If you have questions or need help educating your stakeholders, contact us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: General by OSA&C Tuesday, October 8th, 2024
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Brad, the development director of an international environmental charity, was thrilled to learn from a fundraising staffer that one of the charity’s past supporters was promising to make a new, six-figure donation. But there was a catch: The donor was going to attach restrictions to her gift. She didn’t, for example, want her money used in various countries where the charity had operations.

Although Brad was excited about the donation, he was also wary because he knew that restricted gifts require careful handling. Your not-for-profit organization also needs to be careful with donations that come with strings attached.

Apply well-defined procedures

Restricted gift donors pay close attention to whether nonprofits strictly adhere to the small print included with their contributions. Donors have sued nonprofits they believe used their restricted gifts for other purposes. Even if donors don’t pursue litigation, the misuse of funds — fraudulent or not — can generate negative publicity for charities.

For these reasons, proper tracking of restricted donations is a vital part of the accountability and transparency your supporters expect. There’s no one-size-fits-all approach for tracking restricted contributions. You need to develop and consistently apply well-defined procedures that suit your circumstances. However, in general, you should train employees to properly identify and label incoming restricted contributions and deliver the paperwork to the appropriate staffers. Those designated staffers then should document the restrictions and how they’ll be fulfilled.

Demonstrate responsibility

Your nonprofit should also record all expenditures allocated to a restricted contribution. Use a simple spreadsheet or track restricted contributions as individual funds in your organization’s general ledger. To minimize the risk of errors, implement a process for regular review to confirm the proper use of restricted funds and — in the event of inadvertent misuse — prompt remediation. Additionally, put in place a “tickler” system to remind you of any donor-imposed reporting requirements.

Finally, track the outcomes of such spending. The ability to demonstrate everything that a contribution accomplished can prove powerful in soliciting more contributions from the original donor — as well as others concerned about the outcomes of their gift-giving.

Encourage unrestricted contributions

Your nonprofit may find complying with restrictions difficult — and in some circumstances, impossible. For example, if a donor offers your healthcare nonprofit a work of art and stipulates that you can’t sell it, you might be better off refusing the donation. But first, invite the donor for a one-on-one discussion where you express gratitude for the offer, explain your reasoning for declining it, and explore other ways for the donor to support your cause.

Finally, to provide the greatest amount of flexibility, encourage donors to make unrestricted gifts. Donors are more likely to agree if your message is communicated well and they trust you. Contact us for more information on handling restricted gifts and encouraging unrestricted ones. You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: Fund Raising by OSA&C Tuesday, September 24th, 2024
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It’s understandable if your not-for-profit has been putting off launching a capital campaign — despite having grand plans to build a new facility, make major purchases or expand a key program. After all, myths abound about the risks of pursuing such large fundraising projects.

According to the Association of Fundraising Professionals, included in these myths are that only big, established nonprofits can hope to be successful and that capital campaigns aways cannibalize on annual fundraising. Neither of these are necessarily true. So long as you plan carefully, choose the right leaders and communicate your goals forcefully, you can execute a rewarding capital campaign.

Vision and stamina required

Capital campaigns typically are long-term projects of three or more years. To carry out yours, you’ll need a champion with vision and stamina. Consider board members or look to leaders in your greater community with:

• A fundraising track record,
• Knowledge of your nonprofit’s mission,
• Familiarity with current issues that affect your organization’s work,
• The ability to motivate others, and
• Time to manage projects and attend meetings and fundraising events.

Your leader will need a small army to achieve capital campaign goals. Volunteers, board members and staffers will be required to raise funds through direct mail, email solicitations, direct solicitations and special events. If you need more help, look to like-minded community groups and clients who have benefited from your services.

Securing significant gifts early

Traditional fundraising wisdom holds that you shouldn’t go public with your campaign until you’ve secured significant “lead gifts” from major donors. It’s generally easier to solicit donations under $1,000 from the public after you’ve already landed several large gifts —typically equal to 50% to 65% of your total fundraising goals.

To secure these initial gifts, identify a large group (for example, 1,000 individuals) to solicit. Draw your list from past donors and event attendees, local business owners, board members, volunteers and other likely prospects. Then narrow that list to the 50 or 100 largest potential donors and talk to them before reaching out to the rest of your list.

The right message

Pay particular attention to how you craft your message. Make sure your financial goal is achievable and your plan for spending the funds raised can capture the imagination of supporters.

Potential donors must see your organization as strong and capable of innovating and thriving well into the future. However, they also need to know that your nonprofit is the same, steady group they’ve championed for years. Instead of focusing on what donations will do for your nonprofit, show potential donors the impact on their community. Regularly report gifts, track your progress toward reaching your ultimate campaign goal and measure the effectiveness of your activities on your website and social media accounts.

Analyze financial aspects first

The Association of Fundraising Professionals argues that “unfounded fears and self-doubt” may be the most serious obstacles to launching a capital campaign. Contact us if you need help analyzing the financial aspects of such a project.  You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: Fund Raising by OSA&C Tuesday, September 10th, 2024
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There are many ways to evaluate the success of a not-for-profit event. But for most nonprofit leaders, financial success — how much did we raise? — is the metric that ultimately matters. To be financially fruitful, nonprofit events need sponsors (companies and individuals) to cover a portion of expenses. Be sure to make securing sponsorships central to planning your organization’s events.

Best practices

Depending on your organization, your special event might be a dinner gala, a conference, an auction, a golf tournament, a concert or a combination (or none) of these. But finding solid sponsorship largely follows the same process, regardless of the event’s format.

For example, you want time on your side. Nonprofits often compete with peer organizations for the same philanthropic dollars, so start early. It’s not overly ambitious to have a fundraising plan in place a year in advance. And it’s a good practice to lock in sponsors four to six months before your special event.

To develop a list of supporters most likely to step up as sponsors, hold a magnifying glass to your organization’s mission statement. Think in terms of appropriateness and quality. For example, an athletic clothing manufacturer could be an excellent sponsor for a youth soccer league tournament. A local grocer might be just the right target for a food bank’s silent auction.

Using teamwork

You’re more likely to be successful if you assemble a team with strong community connections. Ask your executives, board members and volunteers to reach out to members of their personal and professional networks to solicit sponsorship help. These ambassadors should be well prepared with information about the benefits each sponsor will receive.

This includes the event’s likely attendees. You’ll want to convince potential sponsors that your attendees belong to the same demographic they target for their products and services. Include data on where attendees live, along with their age, sex and buying power. Be factual in your approach — don’t exaggerate.

Exposure opportunities

Sponsors generally help finance nonprofit events in exchange for exposure to your audience. What does such exposure look like? You might offer to put the sponsor’s name on event materials — including signs, banners, brochures, tickets, newsletters and program books — and to recognize the sponsor verbally at the event. To help obtain the greatest amount of support from both large and small sponsors, develop multiple sponsorship options. In general, those companies paying the most should receive the most visibility at your event.

Also offer free attendance to at least one representative (and a guest) of any sponsoring company so the sponsor will get a chance to mingle with attendees, gather information and build connections. If you’re hosting an annual conference or meeting, you might want to provide the sponsor a speaking opportunity.

Long-term relationship

Don’t forget that sponsorships ideally mark the start of a long-term relationship between your nonprofit and the sponsor. After your event, for example, you may want to get your sponsor’s employees involved in your organization’s work by hosting a company volunteer day. And, of course, you should solicit the sponsor’s support again when you plan your next event.

Finally, be careful: In some circumstances, the IRS may consider corporate sponsorships paid advertising. In such cases, nonprofits can be liable for unrelated business income tax (UBIT). Contact us for information about finding sponsors while navigating complex UBIT rules. You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: Sponsorships by OSA&C Tuesday, August 27th, 2024
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At one time, not-for-profit HR departments might have been responsible primarily for recruiting and hiring and occasionally for intervening in disciplinary or conflict resolution matters. Today, HR staffers usually also administer benefits, provide employee orientation and training, draft and update various policies, ensure regulatory compliance, and keep employee records. They may even oversee payroll. That’s a lot of responsibility, and not every nonprofit has the resources to do it all in-house. If your organization is understaffed and overworked, you might want to consider HR outsourcing.

Cost factors

Before you outsource, decide which HR segments to “farm out.” Look particularly at labor-intensive responsibilities, such as employee benefits and compliance requirements. Transferring some or all of them to the right outside party can vault your organization to a higher level of professionalism and efficiency in those areas.

The move also might result in improvements. For example, an HR specialist firm is likely to have more tools, contacts and time to find affordable health care insurance and retirement savings plans.

Indeed, the primary draw for most nonprofits to outsource is reduced costs. So you should perform a cost-benefit analysis (and your financial advisor can help). Even if the cost to outsource is more, you may decide that the extra dollars are worth freeing up staff hours for mission-critical initiatives.

Acknowledge potential downsides

One of the biggest drawbacks to outsourcing is the loss of control. So think through the ramifications of handing off various HR responsibilities. Certain tasks may require an understanding of your organization’s culture and history.

Also consider the impact of potentially terminating current HR staffers. Make sure you have buy-in from members of management and your board of directors prior to contacting outsourcing service providers.

Vetting providers

Before you hire a provider to handle HR tasks, do your homework. Ask candidates questions such as:

• How many nonprofit clients do you have that share our rough location, mission and size?
• Do you provide services on-site, off-site or both?
• Who on your staff will we work with?
• What expectations do you have of us?

Also ask about rates (hourly, by the job or on retainer) and billing procedures. And get — and follow up on — references. Once you’ve identified your top choice, meet with your attorney to review the contract.

Hopefully, you’ll find the perfect HR partner. But be sure to set up a monitoring system that enables you to keep tabs on the new arrangement — and be prepared to do some tweaking if it isn’t perfect. Contact us for more advice on outsourcing and other cost-cutting initiatives. You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: General by OSA&C Wednesday, August 14th, 2024
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The deadline for most not-for-profits to file Form 990 with the IRS (May 15, 2024) has come and gone. Assuming your organization operates on a calendar-year tax basis and filed its Form 990 on time, you probably don’t want to think about tax reporting again until next spring. However, it’s important to keep your future Form 990 in mind as your organization carries out its programs and events this year.

4 overlooked issues

You’re probably already alert to issues such as unrelated business income and the risks potentially posed by political participation, excess benefit transactions and excessive compensation (and the need to report some of them). But you may not be paying as much attention to the following four:

1. Fundraising expenses. Your not-for-profit must report its income from fundraising activities, as well as its expenses, on Schedule G of Form 990. The IRS is always on the lookout for events that produce a relatively small amount of income compared with claimed expenses. In such situations, make sure you keep good records to withstand any potential IRS challenge.

2. Operations abroad. Nonprofits are permitted to operate outside the United States without penalty. But your organization is required to answer questions on Form 990 relating to foreign bank accounts, activities in foreign countries and grants by foreign entities. The IRS will likely ratchet up its scrutiny if it finds inconsistencies or evidence of activities that don’t measure up to U.S. standards. If you operate abroad, professional tax advice is essential.

3. Diverted assets. Form 990 asks whether there has been any “diversion” of assets during the past year. Essentially, “diversion” means that funds have been misappropriated for personal reasons. If you answer “yes” to this question, you’ll need to provide a detailed explanation of the diversion and its resolution. However, even if you’ve provided a plausible explanation, a “yes” answer to this question may lead to an IRS audit. If you fail to attach an explanation, your audit exposure increases exponentially. To avoid the issue altogether, take every step (including implementing robust internal controls) to prevent fraud and other illegal asset diversions.

4. Loans to disqualified persons. Generally, loans from a tax-exempt organization to a disqualified person are prohibited on the state level. Form 990 asks if your nonprofit has made such loans. In the event your nonprofit has made a prohibited loan, your Form 990 will need to reflect a declining balance. Otherwise, it may look as though the loan isn’t being paid off in time — a certain red flag for the IRS. Again, if you don’t allow this activity, you won’t have anything to report.

Of course, if you engage a professional tax advisor to prepare your Form 990, your advisor will ask about all these subjects to ensure your organization properly reports its activities. But you can help your nonprofit minimize audit risk by keeping possible pitfalls top of mind.  You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: General by OSA&C Tuesday, July 30th, 2024
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To administer productive programs worthy of your not-for-profit’s budget, you need to determine whether they’re meeting clients’ needs. In general, the best way to assess this is by surveying participants. But survey fatigue — frustration or disinterest when asked to take yet another online survey or one that’s overly complicated or takes too long to complete — is a real and growing problem.

Multiple studies have found that survey fatigue results in low response rates as well as inaccurate or low-quality responses from those who do complete them. Survey participants may doubt that your organization will even review their responses or make meaningful changes based on them. Given such challenges, how can you effectively gather client opinions?

Go “old school”

Each encounter with a client is an opportunity to solicit feedback. So while you’ll want to include online surveys with your email newsletters and request feedback on your website and social media platforms, don’t neglect “old school” techniques. Pull aside clients while working in the field or call them on the phone to ask how they’re doing and what, if anything, they’d change about your programs. When you receive verbal feedback, follow up in writing so you have a record of the conversation and can easily share it with others in your organization.

Platforms such as Facebook and Instagram are free and likely frequent destinations for many of your clients. You can use their survey tools to regularly invite viewers to leave comments about your posts — or even ask them to recommend or write a review of your nonprofit. But also provide an email address or SMS number for texts so that clients can contact you directly if they want to discuss issues in depth.

Also keep in mind that, depending on the population you serve (for example, lower-income or elderly people), not all clients may have easy internet access or use social media accounts. You might want to offer them paper surveys, or even an old-fashioned suggestion box.

Show appreciation and act

Thank your clients for every communication and, when possible, let them know how you’re using their feedback to address shortcomings and make improvements. In some cases, you may want to schedule one-on-one meetings or focus groups where you can discuss plans in greater detail and let clients know how valuable they are to the decision-making process.

Also be sure to follow up on any problems surveys unearth. For example, if clients complain about staffers acting unprofessionally or hint at potential legal issues (such as fraud or discrimination), investigate and address those issues immediately. You should also consult your nonprofit’s attorney if surveys uncover any potential legal problems.

Deliver superior outcomes

Ultimately, gathering meaningful feedback from clients and acting on it allows you to fund programs that deliver superior outcomes. Online surveys can be useful, but keep in mind that you may get better and more insightful feedback by talking to clients one-on-one. Contact us if you have questions about budgeting and spending.  You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: General by OSA&C Wednesday, July 24th, 2024
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In 2023, Indiana University’s Lilly Family School of Philanthropy released a public opinion survey that provided both good and bad news for nonprofits. Although the respondents said they trust philanthropic organizations more than government and businesses, 30% believe that not-for-profits are on the “wrong track.” Only 18% say charities are on the “right track.” (The rest of the surveyed individuals were undecided.)

Obviously, you want your nonprofit, the decisions its leaders make and the programs you offer to be trusted and respected. It’s critical to raising funds and fulfilling your mission. So if you’re worried your organization is losing its luster with the public, here are some suggestions.

Keys to weathering negative perceptions

Some perceptions are difficult, if not impossible, to influence due to factors beyond your control. But there are proactive ways to manage your organization’s reputation that will help it weather unexpected crises — and even just general negative public attitudes:

Be transparent with your constituencies. This means keeping stakeholders abreast of the latest fundraising facts and figures, how you’re using the money and progress you’re making toward your stated goals. If the only time you communicate with the public is when you need to raise funds or renew memberships, you’re missing prime reputation-building opportunities.

Enlist the help of staff and volunteers. Your executive director or president may be the official voice of your organization, but remember that every time staff members or volunteers act on behalf of your nonprofit, they’re representing your organization as a whole. Be sure they understand this and provide them with the training they need to put your nonprofit in the best possible light.

Watch out for backlash. When other nonprofits make headlines for squandering funds or other perceived acts of mismanagement, your own organization may feel some of the heat. Don’t be surprised if you become subject to media or donor backlash. Be prepared to explain the system of checks and balances you follow to prevent similar negative events. This also may present an opportunity to spotlight the transparency of your financial operations, as evidenced by your annual report, newsletters and website.

Letting go of what you can’t control

If you run your nonprofit with openness and “walk the talk,” then you’re probably doing the best you can for donors, clients and other constituents. However, some people may still reject your mission or public statements. It’s probably not worth your time to try to win over these cynics — just cut your losses and move on to other objectives.  You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: General by OSA&C Tuesday, July 2nd, 2024
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Alternative investments may appeal to your not-for-profit because they often offer higher long-term performance than traditional securities do. But these investments can come with tax liabilities. They also typically are riskier, which may not be appropriate for your organization. Here’s what you need to know.

No easily ascertained value

Alternative investments generally are defined in contrast to more traditional securities, such as stocks, bonds and mutual funds. They generally don’t have an easily ascertained fair market value. Examples include hedge funds, private equity, real estate, venture capital and cryptocurrency investments.

Alternative investments may provide investors with access to high-growth companies in cutting-edge industries. However, because alternative investments may be illiquid, investors typically can’t easily cash out or shift their allocations. This can be a substantial risk to nonprofits without other sources of available operating capital. The complex nature of such assets also increases risk to the investor, which is why returns may be higher.

Pay attention to fees

Alternative investment funds generally are formed as partnerships or limited liability companies (LLCs). Both are types of pass-through entities, meaning the income and the tax liability pass through to investors, who are considered partners or members.

Manager selection is crucial — you want someone with a proven track record and access to the best investments. Pay attention to management fees. In addition to a base management fee (generally about 1.5% to 2% of the fund’s capital or net asset value), managers generally charge performance-based fees known as carried interest. These fees can reach as high as 20% or more of an alternative investment’s profits.

Unrelated business income

Although investment income (for example, dividends, gains and interest) typically is excluded from taxable unrelated business income (UBI), investors in partnerships or LLCs are treated as though they’re conducting that entity’s business. As a result, distributions of income may be treated as taxable UBI.

In addition, UBI includes unrelated debt-financed income from investment property in proportion to the debt acquired to purchase it. The IRS defines debt-financed property as any property held to produce income (including gain from its disposition) for which there’s an acquisition indebtedness. If you use financing to invest in a fund — or, if the fund has financed the purchase of an income-producing asset — some of the associated income may be taxable.

Pass-through entities report each partner’s or member’s share of income, dividends, losses, deductions and credits on IRS Schedule K-1. Nonprofits can use the schedule to determine if they’ve received UBI income that must be reported. State taxes may also apply.

Right for your organization?

We can help you decide whether alternative investments might be right for your organization. If you choose to adopt this investment strategy, we can also help you determine any tax liability.  You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: General by OSA&C Tuesday, June 18th, 2024
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Comprehensive risk management is one of the primary responsibilities of not-for-profit leaders. You probably regularly consider and act to mitigate risk to your facilities and assets and your staffers and clients. What about your volunteers? Even though the federal Volunteer Protection Act of 1997 provides some protection, volunteers face the real risk of being sued for actions while working for your organization. They also can become subject to tax liabilities.

State by state

The Volunteer Protection Act offers some degree of defense for volunteers acting within the scope of their responsibilities. And many states have passed similar laws to shield volunteers. But liability can vary significantly from state to state, with different limits, conditions and exceptions such as broad coverage in the absence of willful or wanton misconduct vs. coverage only if the nonprofit expressly assumes liability for claims in its articles of incorporation.

Volunteer protection laws, however, don’t preempt the need for your nonprofit to buy appropriate insurance coverage. In fact, some state laws explicitly require nonprofits to carry insurance to limit volunteer liability.

Insurance coverage

To minimize risk, your organization should carry general liability insurance that specifically covers volunteers, as well as directors and officers liability insurance. If volunteers will operate vehicles for your organization, check whether your auto insurance covers them. Larger organizations might consider amending their bylaws to include a broad indemnification clause for volunteers when the claims against them exceed insurance limits.

Also consider implementing processes and procedures to control the risks of harm or injury caused by volunteers. For instance, devote time upfront to screen and train volunteers appropriately and restrict certain client-facing activities to paid staffers.

Inadvertent taxable income

Another risk is that federal or state taxing authorities might come after your volunteers because of their activities. For example, your nonprofit could inadvertently create taxable income for volunteers if it provides them with benefits such as services or compensation beyond reimbursements for actual out-of-pocket expenses incurred. In fact, reimbursements that exceed actual expenses are taxable.

If your volunteers sometimes need to cover costs with their own money that you subsequently reimburse, inform them beforehand — in writing and verbally — that they must provide receipts of their spending on your organization’s behalf. This may seem burdensome to people just trying to do some good, so explain that it’s for both your and their protection.

Protecting everyone

Volunteer risk varies by nonprofit. But it’s particularly significant with nonprofits that provide medical services or work with vulnerable populations. Even such simple tasks as driving can result in litigation. So make sure your hardworking volunteers aren’t a risk to themselves or to your nonprofit’s important mission. Consult an attorney for any legal advice.  You can reach us at Online Stewardship or our parent company, Patrick & Raines CPAs. You may reach out to Lynn by calling (904) 396-5400 or email her at [email protected] or [email protected].

© 2024

Filed under: General by OSA&C Tuesday, June 4th, 2024
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