The Financial Accounting Standards Board (FASB) is the regulatory body that governs, well, accounting standards. FASB is recommending some pretty significant changes to the way nonprofits present their financial information. These proposed changes, the first in over 20 years, would…
It's that time of year again... time to start thinking about your organization's tax return filing. Some may not be aware of this annual requirement, or what even goes into this form. We created an FAQ to give a better understanding…
In our last article, we discussed legal liability of board members as it relates to corporate law. This post highlights liability in regards to IRS tax-exemption regulations. The board of directors collectively governs the affairs of a nonprofit organization. As…
In real world practice, becoming a board member for a nonprofit organization usually comes with little personal risk, and the probability of a member being legally accountable for actions taken by the nonprofit is relatively low. The fear of being…
We recently discussed a new bill which would require the IRS to give nonprofit organizations more advanced notice before revoking their tax-exempt status. Sens. Dan Coats and Ben Cardin coordinated the “Notice for Organizations That Include Charities is Essential (NOTICE)…
Two senators are sponsoring legislation which would require the IRS to give nonprofit organizations more advanced notice that they are at risk of losing tax-exempt status. This measure was introduced this past week by Republican Dan Coats and Democrat Ben…
One of the most essential aspects of starting a nonprofit is the organizational governance. Governance starts with the board of directors. Not surprisingly, setting up the original board of directors trips up people right from the start. We often have…
In one of our recent articles, we discussed the importance of having a strong organizational structure and the role of a board of directors within a nonprofit organization. That article will give you a general introduction to the various pieces of…
If your nonprofit is in the midst of shopping for new accounting software, here are a few tips to keep in mind for a pain-free switch. Selecting the right nonprofit accounting system: Accounting software is not one size fits all, so…
It is essential for all nonprofits, including startups, to have a strong organizational structure. This structure is built through the Board of Directors. But what exactly is a Board of Directors and what role does a board play within a…