Nonprofit endowments require knowledge and resources
If the events of 2020 have taught not-for-profits anything, it’s that financial reserves are essential to long-term survival. An endowment is different from operating reserves and [...]
Principles to guide your nonprofit’s relationship with donors
In 1993, a consortium of philanthropic organizations came up with the Donor Bill of Rights to guide not-for-profits in their interactions with financial supporters. For the most [...]
Health Savings Accounts for your small business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits [...]
The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After [...]
How well do your nonprofit’s development and accounting departments communicate?
Your accounting and development departments are central to the continued financial health of your not-for-profit. What happens when communication between these two functions break [...]
Nonprofits: Internal audits still matter
Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If you are not-for-profit’s internal controls aren’t effective, crooked individuals can find ways [...]
Smart nonprofit leaders know how to delegate
Delegation ideally gives not-for-profit executives time to focus on mission critical tasks and provides growth opportunities to staffers. However, you need to approach delegation [...]
Using footnotes to disclose your nonprofit’s financial information
Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other [...]
Drive more savings to your business with the heavy SUV tax break
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive [...]
Do you want to withdraw cash from your closely held corporation at a low tax cost?
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as [...]
