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.)
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 […]
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 […]
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 […]
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 […]
If you’re looking for another way to attract and retain staffers that won’t bust your nonprofit’s budget, consider offering an accountable plan. It’s an easy and low-cost way to reimburse employees for out-of-pocket expenses free from income and employment taxes. Let’s take a look. Reasonable reimbursements Accountable plan reimbursement payments aren’t subject to income or employment […]
If your not-for-profit focuses all of its fundraising energy on the holiday season and end of the year, it’s not misguided. After all, 26% of charitable giving to nonprofits occurs in December, according to the 2023 M+R Benchmarks Study. But that means almost three quarters of annual donations need to be obtained during the rest of […]
Almost no region of the United States has escaped some form of natural disaster or extreme weather this summer. Although wildfires, floods and unusually high temperatures have grabbed the headlines lately — for good reason — your not-for-profit also needs to be prepared for such unnatural disasters as terrorist threats and mass shootings. It’s a lot […]
Employers that outsource HR are no longer outliers. Approximately one-third of U.S. employers outsource at least one HR function, according to software company ZipDo. And for good reason: Many HR responsibilities, such as benefits administration and recruiting, have recently become more complex and specialized. If your nonprofit’s HR staff is still trying to do everything […]
Several years ago, when cryptocurrency was still a novel concept, many not-for-profits chose not to accept crypto donations. Now, crypto is so ubiquitous that it’s difficult — and probably a mistake — to refuse it. Yet crypto remains a risky and even unstable form of currency. Here are a few things to think about when […]
Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Pay attention to the following issues. What to report Tax reporting for an event may require different — and more — […]
