Exclusion for Gain on Sale of Primary Residence
In order to exclude the gain on the sale of your primary residence from your taxable income, you must pass two tests: ownership and use. Read the full article to learn more.
Storing Your Tax Records
Once you’ve filed your income tax return, you may be tempted to clean house and get rid of some of your old records that are taking up space. Read this article to help you decide which items can go and which should stay in your files.
Record Retention Guidelines
A nonprofit record retention policy helps organizations manage documents efficiently while ensuring compliance with legal and regulatory requirements. Learn more by reading the full article.
Comparing your Financial Statements & Form 990
Financial statements and the Form 990 are both important documents providing insights into an organization's finances, but they serve different purposes and adhere to different reporting standards. Learn more.
Nonprofit Deadlines to Remember
There are some important due dates that may be applicable to nonprofit organizations with a year-end of June 30, 2025. Learn more by reading the full article.
In-Kind Donation Overview
Nonprofit organizations frequently receive in-kind donations. Receiving in-kind donations raises an important financial question: How should nonprofits record these contributions in accordance with GAAP? Find out more.
What are Assets with Donor Restrictions?
Assets with donor restrictions are donor designated monies for a particular purpose. These funds are restricted for the purpose elected and cannot be used for other expenses of the nonprofit. Learn more.
Why is an Audit Committee an Important Function for your Organization
The audit committee provides oversight to help maintain the organization’s integrity, financial credibility, and ensure independence through the audit process. Learn more.
NC Sales Tax Refunds
North Carolina nonprofits may apply for semiannual refunds of sales and use tax paid by qualified organizations on direct purchases of tangible personal property, digital property, and services for use in carrying out their mission. Learn more.
Fundraising: Accounting for Special Events
Not-For-Profit Organizations have a number of options when it comes to generating revenue. Making sure the organization is properly accounting for special event fundraising revenues and expenses is an important step in planning your next event! Learn more.