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…
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…
Document retention for nonprofits (click here).
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The Financial Accounting Standards Board (FASB) recently issued ASU 2016-14 to improve the presentation of financial statements of not-for-profit entities such as charities, foundations, universities, and nonprofit health care providers, etc. This is the first major change to the nonprofit financial statement model in over 20 years, which is intended to provide more useful information Read More…
Traditionally, the initial and annual charity registration forms were filed on paper with the NJ Division of Consumer Affairs (DCA). However, starting January 1, 2017, all New Jersey charitable filings must be done on-line. The on-line filing with the Division of Consumer Affairs is to be done through the DCA Portal (https://njconsumeraffairs.state.nj.us). You need to Read More…
The nonprofit world has already seen a number of board shakeups this year— from board members resigning en masse from the Frost Science Museum following fundraising and cash-management woes, to the issues at the Northwest Museum of Arts and Culture in Spokane, in which a spiraling relationship with the board led to the firing of Read More…
There are two key phrases when filing an annual NJ charitable registration form for Section 501(c)(3) non-profit organizations: “gross revenue” and gross contributions”. If a NJ charitable organization has over $500,000 of annual gross revenue, they must attach an audited financial statement prepared by a certified public accountant to the NJ Form CRI-300. You cannot Read More…
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