Many non-profit organizations supplement their gross income by holding fundraising events. If your organization spends more than $15,000 during the tax year on professional fundraising services, has more than $15,000 of gross fundraising income, or has more than $15,000 of gross gaming income, you must attach Schedule G to the Form 990. If your organization Read More…
When a tax exempt organization files its Form 990 or 990EZ, the tax return is public information (typically accessible through the internet) and must be available for public inspection for a three year period beginning with the due date (including extensions) of the tax return. This includes all schedules and attachments to the tax return, Read More…
The Public Service Loan Forgiveness Program (PSLF) forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. What does this mean for you? We’ve answered the 5 questions that will help you determine if you qualify for Read More…
By Laurie De Armond, CPA Many, if not most, nonprofit organizations will encounter board or leadership turbulence at some point in their lifecycles. Organizational transition, the evolution of mission or executive departures are inevitable. There are times when the board must make challenging decisions and protect the organization from financial and organizational risk, as well Read More…
As businsses grow and mature, they start to acquire customers that are located in various states. In this internet age, this can happen much easier than a generation ago. Combined with the fact that states are hungry for tax revenue and are becoming more sophisticated in tracking down companies doing business in their state, this Read More…
Transparency, in the non-profit sense, is defined as the widespread availability of relevant, reliable information about the performance, financial position, and governance of an organization. Transparency is a trust building tool; the more transparent your organization becomes, the more trustworthy you will be viewed by the public, donors, and regulators. It is important for non-profit Read More…
By Lee Klumpp, CPA, CGMA There are many opinions on what the fiduciary responsibilities of nonprofit board members are. The National Council for Nonprofits discusses that boards should: a) Take care of the nonprofit by ensuring prudent use of all assets, including facility, people and goodwill; and provide oversight for all activities that advance the nonprofit’s Read More…
We are very pleased to announce some exciting news about the firm! Effective, January 3, 2017, the professionals of Warner & Company CPA’s have joined the team at Bedard, Kurowicki & Co., CPA’s, PC (BKC, CPAs, PC). The merged firm will be known as BKC, CPAs, PC with offices in Flemington and now also in Read More…
There are various requirements for both donors and charitable organizations as to substantiating charitable contributions. The donor must have either a bank record or written communication from a charity for any amount of a charitable contribution before the donor can properly claim a charitable contribution deduction. In addition, the donor is responsible for obtaining a Read More…
By Joan Vines, CPA The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the industry since 2007, address the interplay between Internal Revenue Code Section 457 and Section 409A, which govern the nonqualified deferred compensation Read More…
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