Nonprofit Organizations

INSTITUTIONAL DATA STEWARDSHIP: PROACTIVE MEASURES FOR ADDRESSING RISKS AND CREATING VALUE

Institutional data can be one of a college or university’s greatest assets. Institutions with a focused commitment to the integrity and maintenance of their data – and a strategy for efficiently communicating it to external stakeholders – can enhance their reputations, drive fundraising, increase student recruitment and retention, and diminish operational risks. What Qualifies as Read More…

TAX EXEMPT ORGANIZATIONS: NAVIGATING THE EXECUTIVE COMPENSATION EXCISE TAX

Section 4960 of the Internal Revenue Code imposes a 21% excise tax on remuneration in excess of $1 million as well as excess “parachute payments” paid by applicable tax-exempt organizations (ATEOs) or their related entities to any “covered employee.” Tax-exempt employers that compensate their executives over $1 million per year or that pay separation-related compensation Read More…

HOW TO GET STUFF DONE

Businesses face disruption on multiple fronts, and they are struggling to get things done. Company leaders must contend with and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with uncertainty about how long the Read More…

IRS MID-YEAR CHANGE TO STANDARD MILEAGE RATE

Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. The new rate for Read More…

HOW TO ENSURE YOUR FUNCTIONAL EXPENSE ANALYSIS ACCURATELY DEPICTS YOUR ACTIVITIES

By: Amy Guerra, CPA The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update (ASU) 2016-14, “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  Prior to the ASU, only voluntary health and welfare organizations had a requirement to include the statement of functional expenses as part of Read More…

EIDL BORROWERS RECEIVE ADDITIONAL DEFERMENT

On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans).  The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…

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