Update for Nonprofits on the American Rescue Plan Act’s Employee Retention Credit

Posted by Jennifer Solot on Jul 13, 2021 7:13:00 PM

The American Rescue Plan Act (the Act) was signed in March and expanded the eligibility for the Employee Retention Credit (ERC), as well as extending the credit period through the end of 2021. While the 2020 credit was limited to 50% of $10,000 in qualified wages per employee, the Act increased this amount to 70% of qualified wages paid per employee per quarter. That’s a potential credit of $28,000 per employee for 2021!

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Nonfinancial Gifts-in-Kind: Impact of ASU Update 2020-07 On Your Nonprofit Organization

Posted by Melissa Dunn on Jul 6, 2021 8:30:00 AM

As you receive gifts-in-kind, it's important to keep these new reporting requirements in mind.

The term “gifts-in-kind” is used broadly to refer to all noncash gifts, both tangible and intangible. Tangible gifts-in-kind include contributions of items such as stock, land and supplies. Intangible gifts-in-kind include contributions of items such as advertising and other professional services. While greatly appreciated by an organization, it can be challenging to account for these gifts.

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Pennsylvania Nonprofits: Don't Forget to File Your Decennial Report

Posted by Jennifer Solot on Jan 5, 2021 4:00:00 PM

Beginning January 15, 2021, the Pennsylvania Department of State will begin notifying all corporations, including nonprofit corporations, of their need to file a Decennial Report. 

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COVID Update: Consolidated Appropriations Act of 2021

Posted by Jennifer Solot on Jan 4, 2021 12:29:00 PM

On December 27, 2020, the Consolidated Appropriations Act of 2021 (Act) was signed into law. The Act affects several provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The largest of these relates to the Paycheck Protection Program (PPP) loans.

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CARES Act Update: PPP Loan Forgiveness

Posted by Jennifer Solot on May 29, 2020 3:57:43 PM

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, provided the Small Business Administration (SBA), the authority under a new program titled the Paycheck Protection Program” (PPP), to forgive up to the full principal amount of loans guaranteed under this program. In general, subject to several limitations, the eligible forgiveness amount covers payroll costs and non-payroll costs, such as business mortgage interest payments, business rent obligations and business utility payments paid during the covered period.

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The CARES Act and Nonprofits: What You Need To Know

Posted by Jennifer Solot on Mar 30, 2020 8:53:58 AM

As Americans continue to grapple with the devastating effects of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on Friday, March 27. CARES contains 880 pages of stimulus intended to bolster the economy through benefits aimed at individuals and businesses alike. But how will CARES help the nonprofit community, which relies so heavily on the generosity of donors in order to fulfill missions and perform services? Although advocates are still seeking $60 billion in stimulus aimed directly at nonprofits, there are a number of provisions included in CARES that may help aid nonprofits through these uncertain times.

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Your Nonprofit's Board Needs Financial Experts

Posted by admin on Sep 9, 2019 2:00:00 PM

Even though nonprofits don’t face the same government regulations or public scrutiny as for-profit public companies do, that doesn’t mean your board can afford to get slack about financial governance. Donors and watchdog groups pay close attention to organizations’ Forms 990, and the media is quick to pounce on rumors of fraud in the nonprofit sector.

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Intricacies of Accounting for Pledges

Posted by admin on Aug 21, 2019 11:00:00 AM

Receiving pledges from donors who will make their contributions at a later date is great for your nonprofit, but accounting for these pledges is complicated. Pay close attention to the details below so you are able to record your contributions properly.

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Add Value to Your Nonprofit with an Advisory Board

Posted by admin on Aug 7, 2019 4:00:00 PM

An advisory board can bring new value, skills and resources to your existing, more formal board of directors. Is creating an advisory board right for your nonprofit?

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Is That Tax Notice You Received Really From the IRS?

Posted by admin on Jul 23, 2019 8:44:53 PM

Many people feel a sense of dread when they receive a letter from the IRS. Often, people will comply with whatever request is made, assuming that they must have made a mistake when completing their tax return. But what if that letter isn’t really from the IRS? Scams involving people claiming to represent the IRS are so prevalent that the IRS has an entire page on their website devoted to helping determine if an encounter is actually with an IRS representative.

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