How Taxes Affect your Nonprofit’s Donors

The deductibility of most charitable gifts hasn’t changed since passage of the Tax Cuts and Jobs Act, but some recordkeeping requirements have. Helping your donors who itemize deductions understand the rules and benefits of their gifts can strengthen your not-for-profit’s ties with them — and may help increase contributions. Allowable Deductions Generally, donors can deduct […]

FAQs About Audit Confirmations

Auditors use various procedures to verify the amounts reported on your financial statements. In addition to reviewing original source documents and comparing trends from prior years, they may reach out to third parties — such as customers and lenders — to confirm that outstanding balances and estimates agree with their records. Here are answers to […]

ERM: A Systemic Approach to Reducing your Nonprofit’s Risks

Do you associate enterprise risk management (ERM) with for-profit businesses? This systemic approach to risk reduction can be just as effective when adopted by nonprofit organizations. Even organizations with limited resources can — and should — use an ERM process to combat threats. Weighing Risks ERM is a comprehensive program that considers an organization’s entire […]

4 Key Traits to Look for When Hiring a CFO

Finding the right person to head up your company’s finance and accounting department can be challenging in today’s tight labor market. While it may be tempting to simply promote an existing employee, external candidates may offer fresh ideas and skills that take your financial reporting to the next level. Here are four traits to put […]

How to Gather More Feedback from the People You Serve

According to the Center for Effective Philanthropy, practically all not-for-profits in the United States solicit feedback from their clients when designing programs and services. However, resource constraints — lack of adequate staffing, funding and sophisticated technology — may mean that they don’t collect data as often as they’d like or use it as well as […]

The SECURE Act Likely to Affect Your Retirement and Estate Plans

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including […]

Reporting Contingent liabilities

Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required to report a contingent liability on their financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Here are the basics. What Are Contingent Liabilities? Operating a business comes with a […]