It May be Time to Refresh or Replace your Programs

Posted by admin on Jul 3, 2019 8:00:00 AM

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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Ongoing IRS Oversight Challenges Noted With Form 1023 and Form 1023-EZ

Posted by admin on Jun 30, 2019 10:48:59 PM

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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Foster Gift Matching at Your Nonprofit

Posted by admin on Jun 13, 2019 12:00:00 PM

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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Maximize the Potential of your Internal Audit Function

Posted by admin on May 30, 2019 11:00:00 AM

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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How to Regain Tax-Exempt Status after Automatic Revocations

Posted by admin on May 16, 2019 8:00:00 AM

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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Distinguishing Between Sponsorship and Advertising Incomes, and Paying Proper Taxes

Posted by admin on May 2, 2019 2:06:26 PM

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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Finding the Perfect Bookkeeper for Your Organization

Posted by admin on Apr 16, 2019 11:13:32 AM

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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Reporting Donations at Your Nonprofit

Posted by admin on Apr 4, 2019 12:57:59 PM

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. 

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Remove "Employee Parking" Signs by March 31

Posted by Jennifer Solot on Feb 28, 2019 3:50:50 PM

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).

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How Auditors Review Your Revenue and Why You Should Too

Posted by admin on Feb 19, 2019 9:53:48 AM

Auditors examining a nonprofit's financial statements should spend considerable time on the revenue figures. At BBD, we look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization's revenue profile. 

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