He has the gift of being able to know in depth matters financial, including IRS details and changes, and being able to translate the CPA world and its requirements and value to laity and clergy alike.
Rev. Louis R. Lothman, Th.D., Director, Pastoral Counseling Services, Presbyterian Minister, Presbyterian Church (U.S.A.)
First the COVID-19 pandemic wreaked havoc on not-for-profit finances and operations. Now, many organizations are worried about how high inflation and a possible recession might interfere with their plans. To help prevent service disruptions and other negative outcomes, focus on building up operating reserves. Even if you can afford to divert only a small amount […]
Religious congregations usually enjoy greater protection from federal government oversight than other not-for-profit organizations. For example, the IRS can’t conduct a “church tax inquiry” unless a high-level Treasury Department official has written evidence that a religious organization has violated tax-exempt rules. However, you’d do your faith group a great disservice it you failed to observe IRS […]
Whew! That’s probably your reaction when outside experts announce that their audit of your not-for-profit is complete. But even if auditors have left your premises and returned the documents they’ve reviewed, the work isn’t really over. Not only do your executive director and board need to review the audit report, but it may be necessary […]
