$50,000 Gross Receipts Test
The IRS states that if an organization normally has gross receipts of $50,000 or less, it may submit the Form 990-N.
Yearly Archives: 2016
Gifts from Donor-Advised Funds
Contributions are a large source of revenue for many nonprofits. When your nonprofit organization receives a charitable contribution, we know you want to thank the donor as soon as possible and send them an acknowledgment letter. Before you mail out that letter, consider the following facts about gifts from donor-advised funds.
Ugh… Not You Again! – Rethinking Your Relationship with Auditors
Once a year, a group of awkward auditors sets up camp in your conference room, robbing you and your coworkers of your usual lunch spot to create what looks more like an obstacle course than an office space with our tapestry of wires and clunky equipment.
A Look Ahead – The IRS’s Strategic Initiatives for Regulating the Tax Exempt Community.
Compliance by operating within an organization’s exempt purpose is paramount to managing, governing, and servicing nonprofit organizations.
Preparing for Lease Accounting Changes
In February of this year the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases, a 485 page document that made significant changes to how leases will be accounted for by both lessees and lessors.
Uniform Guidance Brings Change to Data Collection Forms
The Office of Management and Budget (OMB) released a Federal Register notice on April 22, 2016, that provides the public a final 30-day window to comment on changes made to the data collection form (SF-SAC).
Form 1023-EZ First Year Report
In June 2014 I wrote a blog entitled Applying for Tax Exemption Just Got “EZ”er which described the IRS’s implementation of Form 1023-EZ.
How to Validate Certain Business Expenses
Nonprofits, just like for profit organizations, incur expenses for travel, meals and entertainment, gifts, and transportation.
Nonprofit Omission Errors
A study performed by Jeffrey J. Burks and reported in “Accounting Errors in Nonprofit Organizations” Accounting Horizons 2015, analyzed 5,511 audited financial statements from 2006 to 2010, obtained from Guidestar.org, the world’s largest source of information on nonprofit organizations, and discovered an error rate 60% higher than that of publicly traded companies. Burks discovered that the error rate was negatively correlated with the size of the nonprofit’s audit firm.
Delaware Grant-in-Aid Update
With recent and upcoming changes in Delaware grant-in-aid, it may be helpful for nonprofits to re-familiarize themselves with House Bill No. 230, commonly referred to as the Fiscal Year Ending June 30, 2016 Grant-in-Aid Bill, and begin learning about anticipated changes to subsequent grant-in-aid bills.