Nonprofit boards face many ongoing challenges, such as monitoring internal controls, avoiding and detecting fraud, responding to whistleblower reports, and hiring a nonprofit auditor — just to name a few. What actions are your board taking to respond to these challenges? Setting up an effective nonp...Read More
Fall is here, and that means it is time for my annual tax update on recent guidance issued by the IRS and Treasury. By now, the old Parking Fringe tax is a distant, bad memory, but many new tax challenges are ahead for nonprofits this year. The topics below are the highlights of a recent AICPA Exempt Org Technical Resource Panel (EOTRP) meeting with the IRS and Treasury. This year the meetin...Read More
One of the board’s most critical roles is to ensure that the organization’s financial resources are effectively managed and sufficient to assure the organization’s long-term viability. And yet, most organizations don’t pick board members because of their financial capabilities. In fact, it’s not uncommon for board members without extensive financial expertise to rely on the handful of bankers, CPAs, and financial advisors on their board to tell them whether the or...Read More
On March 27, 2020 the Coronavirus Aid, Relief and Economic Security Act (CARES ACT) was signed into law by President Trump. After the initial $350 billion in funding ran out, an additional amount of $310 billion was authorized to assist businesses and nonprofit organizations with funding during the COVID-19 pandemic. The initial time frame of use for these loans was eight weeks, and in order to obtain forgiveness 75% had to be used towards payroll expenses and 25%...Read More
If I were to ask you to picture a teacher, you might recall a high school teacher who inspired you to follow a new path, or maybe a workshop presenter who explained some finance concept in a way that finally made sense.
When I picture a teacher, I think about someone like you. You may be like many people working within a nonprofit—an “accidental teacher” who regularly educates staff, board, community members, and...Read More