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Supporting Your Faith with Fiscal Accountability

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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.)

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Plan now to reimburse staffers, board members and volunteers

Even if your not-for-profit organization rarely needs to reimburse staffers, board members or volunteers, reimbursement requests almost certainly will occasionally appear. At that point, will you know how to pay stakeholders back for expenses related to your nonprofit’s operations? If you have a formal reimbursement policy, you will. Plus, you’ll be able to direct individuals […]

6 ways nonprofit retirement plans are changing

Some provisions of 2022’s SECURE Act 2.0 (a follow-up to the SECURE Act of 2019) have been in force for over a year — including several that affect 403(b) retirement plans. If your not-for-profit offers staffers a 403(b) plan, you likely made some minor changes in 2023 and may have made more significant ones on January 1, […]

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 […]

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