How Are You Going to Find Your Nonprofit’s Next Executive?

Every nonprofit needs an executive search plan. Even if you aren’t facing an imminent vacancy, your organization is smart to prepare for what can be a long process. In fact, executive searches generally take several months — even if you end up hiring someone already known to your nonprofit. So make plans now. Focusing Energy […]

Auditing Revenue

Traditionally, audit procedures for private companies tend to focus on the balance sheet. That is, auditors evaluate whether the book values of the company’s assets are overstated and its liabilities are understated. However, the income statement needs attention, too, especially in light of the updated guidance on recognizing revenue from contracts and the potential for […]

COVID-19 Response: CARES Act to Provide Billions of Relief Dollars

After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has […]

Illinois Extends Filing and Payment Dates of 2019 Tax Returns

Governor JB Pritzker has directed the Illinois Department of Revenue (IDOR) to follow the federal government in providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing and payment deadline for Illinois income tax returns has been extended from April 15, 2020 to July 15, 2020. […]

Matching Gifts Double the Impact of Donors’ Contributions

A majority of large U.S. companies offer matching gift programs to boost the impact of their employees’ charitable gifts. Double the Donation estimates that $2 to $3 billion is donated through matching gift programs every year. At the same time, between $4 and $7 billion in matching gift funds goes unclaimed annually. Is your not-for-profit doing everything it can to claim […]

Beware: Coronavirus May Affect Financial Reporting

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close Up on Financial Reporting The duration and full effects of the COVID-19 outbreak are yet unknown, but […]

IRS Confirms Extended Tax Deadline to July 15

The IRS has issued a confirmation of U.S. Treasury Department Secretary Steven Mnuchin’s announcement last week that the 2019 income tax filing deadline is moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak. The new deadline is for all “affected taxpayers” (individuals, trusts, estates, partnerships, associations, companies or corporations). […]