A Nonprofit Corporation is a special type of corporation that has been organized to meet specific tax-exempt purposes. To qualify for Nonprofit status, your corporation must be formed to benefit.
In an effort to bring more valuable resources to our clients, we have joined the Not-for-Profit Section of the American Institute of CPAs (AICPA). These governance and management resources are being shared with our Not-for-Profit clients.
The TCJA imposes unrelated business income tax on certain fringe benefits paid by nonprofits including any expenses paid or incurred after December 31, 2017, by a nonprofit for qualified transportation fringe benefits and parking facilities.
Success for not-for-profits (NFPs), regardless of their type or size, is built on a firm foundation of fiscal accountability and governance. Achieving these oftentimes elusive goals requires more than traditional business know-how and insights into the industry.
When an organization’s financial statements are not prepared on a timely basis or if financial statements are unreliable, it’s normally a “red flag” that there are issues with management, the accountant or bookkeeper or possibly serious financial troubles
You can learn a lot from looking at the disclosures made about a company’s board of directors in its annual report, but it takes time and knowledge to pick up clues on the level of quality of a company’s governance.
The term Yellow Book refers to the complete set of Generally Accepted Government Auditing Standards (GAGAS). The standards provide users with a framework for the conduct of audits of all types of government entities and entities that have received awards.
You probably didn’t start a nonprofit to stare at spreadsheets and Google things like “how to record an in-kind donation.” But proper accounting (and the analysis it lets you do) is crucial to the survival of your organization.
10 Steps to a Successful Audit. Plan ahead. Stay up-to-date on accounting standards. Assess changes in activities. Learn from the past. Develop a timeline and assign responsibility. Organize data. Ask questions. Perform a self-review.
Starting a nonprofit organization can be an inspiring way to give back to your community and help those in need. However, it is important to understand all of the steps involved in this process before moving forward.