On May 18th, the U.S. Department of Labor (DOL) released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties. The new rule takes effect on December 1, 2016. Prior to this new ruling, such employees who made more than $23,660 per Read More…
May 18, 2016 the Department of Labor (DOL) released its final changes to regulations governing overtime exemptions under the Fair Labors Standards Act (FLSA). Click here to read the DOL Overtime Rule Changes as they pertain to the Nonprofit Sector. Please don’t hesitate to contact us to discuss how these changes impact your organization specifically.
There are numerous organizations in this area that have received Federal tax-exempt status from the IRS. The most common of these are Section 501(c)(3) charitable organizations. There are other types of Section 501(c) organizations, such as social clubs and chambers of commerce. Both types of tax-exempt organizations must file an annual Form 990 to show Read More…
What are the tangible property regulations? These regulations were issued by the Internal Revenue Service (IRS) to provide guidance for the acquisition, production or improvement of tangible property—buildings, furniture, fixtures and equipment assets, typically—which must be capitalized and depreciated, deducted in the future or deducted immediately. On a more granular level, these rules dictate how Read More…
Adoption of final regulations for the Internal Revenue Service (IRS) Intermediate Sanctions (Internal Revenue Code (IRC) 4958) in 2002 prompted many 501 (c)(3) and (c)(4) organizations to formally designate a board-level committee with specific responsibility for oversight of the compensation of their most senior-level executive position(s). This governance structure was a practice adopted long ago Read More…
As part of sound financial management practices, management has a responsibility to evaluate its nonprofit organization’s ability to continue as a going concern (i.e., the organization’s ability to continue operating both financially and programmatically for a reasonable period of time). This review by management should occur every time the financial statements are prepared and made Read More…
Data from a survey of 261 leading U.S. companies, including 62 Fortune 100 companies, reveals they contributed more than $25 billion in total giving in 2013, equivalent to around 1 percent of pre-tax profits, or more than $600 per employee, according to an article in The Conversation. According to the 2014 Fundraising Effectiveness Survey, 43 Read More…
Issuance of Uniform Guidance On December 19, 2014, the joint interim final rule was issued by the Office of Management and Budget (OMB) implementing the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (Uniform Guidance) in the Federal Register. This joint interim final rule incorporates the implementing regulations Read More…
A donor’s perception of your organization is very important in making the decision on where to contribute their hard earned dollars. It is useful to think about how donors view your non-profit organization. Some questions donors may consider include the following: Are the organization’s resources allocated in the most efficient manner in order to fulfill Read More…
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