There is a German proverb that goes, “He who saves in little things, can be liberal in great ones.”
The IRS states that if an organization normally has gross receipts of $50,000 or less, it may submit the Form 990-N.
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.
Compliance by operating within an organization’s exempt purpose is paramount to managing, governing, and servicing nonprofit organizations.
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.
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.
Nonprofits, just like for profit organizations, incur expenses for travel, meals and entertainment, gifts, and transportation.
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.
With the end of the year approaching, it is important to be aware of reporting requirements your organization may be subject to under the IRS.
The IRS refers to transactions in which the donor makes a payment partly in return for some type of goods or services (a benefit received) and partly as a contribution as quid pro quo contributions.