There is a standard life cycle that most not-for-profits experience. It begins with their early stage, which precedes a growth period that runs several years, followed by maturity. Once mature, the nonprofit has built its core programs and achieved a reputation in the community. But no organization can afford to rest on its laurels.
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Are your programs relatively the same as they were a few years ago? If so, it’s time to review each of your programs and potentially replace, or simply refresh, your offerings.
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In her latest report, the National Taxpayer Advocate, Nina E. Olson, says that the IRS still isn’t asking for enough information on the simplified Form 1023-EZ to ensure organizations using the form actually qualify for the exempt status. Further, a soon to be released revised Form 1023 runs the same risk.
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When a corporate partner agrees to match the value of a donor’s gift, you can quickly double your organization’s gain. Are you doing everything you can to educate your financial supporters and their employers about matching gifts?
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The key role of a not-for-profit’s internal auditors was once limited largely to testing financial and compliance controls and reporting their findings to the organization’s leadership. But today, with their cross-departmental perspective, internal audit staff (whether employees or outside consultants) can help anticipate and mitigate a variety of risks, improve processes — and even help evaluate your nonprofit’s strategies.
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If your organization neglects to file the required annual forms with the IRS for three consecutive years, you will lose your tax-exempt status. Loss of your tax-exempt status will likely mean loss of donors, so it is imperative that you take action to reinstate your status immediately. Use the steps we’ve outlined below to reclaim your nonprofit designation.
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While you are able to supplement your usual income-producing activities with sponsorships and advertising programs, it’s important to understand the possible tax implications of income from these outside sources.
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The perfect bookkeeper will seamlessly handle your day-to-day accounting functions, but finding this person can be difficult. Be sure to consider your organization’s needs before actively starting your search.
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Hopefully your organization already ensures that donors receive a receipt with information about claiming a charitable contribution deduction on their tax return. Did you know that your obligations may go further than that? For noncash donations, you might have responsibilities related to certain tax forms.
By now you probably know that the Tax Cuts and Jobs Act that was signed into law in December 2017 eliminated the business deduction for Qualified Transportation Fringes (QTFs).
