An exempt organization is required to file Form 990-T when it has $1,000 or more gross income from unrelated business. An organization must pay estimated tax if it expects its tax for the year to be $500 or more. Read the full article to learn more.
Non-profit organizations often rely on in-kind donations of various types to carry out their mission. Should these in-kind donations be recorded in your accounting records? Find out more.
There are many risk management strategies to safeguard sustainability of a nonprofit organization, one of which is succession planning. Succession planning is a duty of the board of directors and management of a nonprofit. Read more.
Making sure to keep up with pledges and grant receivables will allow management and the board of directors to clearly see the financial status of the Organization. Find out more by reading the full article.
Nonprofit Bylaws are an important component to helping a nonprofit organization run smoothly, as they provide a guide for both employees and the Board of Directors. Learn more.
Board Members are responsible for maintaining the integrity of an organization and finding the right board members is vital for the organization to effectively serve its purpose. Learn more.
Whether or not nonprofit organizations can refund a donor’s contribution, however, depends on the size of the gift, the state’s regulations, and the impact of returning the gift. Learn more.
A Board of Directors is legally responsible for the operation of the nonprofit organization for which it serves. In fact, individual members can be held personally liable for improper conduct if they breach their duties. Learn more.
There are several things you can do to ensure your non-profit is audit ready. It’s important to have tight internal accounting controls, organized financial processes and timely month-end closing and review of your financial statements. Find out more.
As leasing standards transition from ASC 840 to ASC 842, the Financial Accounting Standards Board has outlined an implementation plan for the rollout. The new standard is now effective for all organizations with financial statement years beginning after December 15, 2021. Read more.
