Newsbit: Nonprofit hiring challenges

According to this year’s Nonprofit Employment Practices Survey™ from Nonprofit HR and GuideStar, the ability to pay competitive wages ranks as the top staffing challenge faced by nonprofits for the fifth consecutive year. Since 2014, the second largest challenge has…

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Newsbits: Microsoft offers nonprofits free cloud services

Microsoft’s philanthropic arm has announced that it’ll donate $1 billion in cloud computing resources over the next three years to nonprofits and nongovernmental organizations worldwide. The donation is part of an initiative that includes providing a suite of Microsoft cloud…

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Making sense of FASB’s new accounting standard for nonprofits

Practice Leader: Susan M. Greggo, CPA, Partner, Director of Not-for-Profit Services and Illinois CPA Society Accounting and Audit Sub-Committee Chairperson The Financial Accounting Standards Board (FASB) recently released its first update to the financial reporting rules for nonprofits since 1993.…

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Five Reasons Your Organization Needs an Audit Committee

Success for not-for-profits (NFPs), regardless of their type or size, is built on a firm foundation of fiscal accountability and governance. Achieving these oftentimes elusive goals requires more than traditional business know-how and insights into industry and sector trends. It…

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Your nonprofit’s bylaws

Practice Leader: Susan M. Greggo, CPA, Partner, Director of Not-for-Profit Services and Illinois CPA Society Accounting and Audit Sub-Committee Chairperson Those golden rules may need more than polishing Has your organization outgrown its bylaws? Sometimes, as a nonprofit expands and…

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Nonprofit Trends: The 2016 M+R Benchmarks Study

If there’s one important takeaway from the 2016 M+R Benchmarks Study, it may be how rapidly the nonprofit universe is changing in the face of online fundraising, marketing, and advocacy efforts. Currently in its tenth year, the study’s goal is…

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New Requirement for Social Welfare Organizations

Recently established social welfare organizations must now notify the IRS that they are operating as tax-exempt organizations under Code Section 501(c)(4) of the tax law. The new requirement was included as a provision in the Protecting Americans from Tax Hikes…

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Collaborative activities. Are you reporting them correctly?

More and more nonprofits are joining forces to better serve their client populations and cut costs. But such relationships can come with complicated financial reporting obligations. Your organization’s reporting requirements will depend on the type of relationship you enter. Collaborative…

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Noncash Gifts? Mind Your Gift Acceptance Policy

Nonprofit organizations welcome gifts of cash. But what if a donor wants to give a noncash gift, such as real estate, appreciated stock, or a work of art? Some gifts may not be appropriate for your organization, while others may…

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New Overtime Rules

In May, the U.S. Department of Labor (DOL) issued a final rule updating white collar overtime  regulations, increasing the exemption thresholds and extending overtime pay protections to over four million workers within the first year. How will the new rules…

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New Not-for-Profit Tax Developments

The following are some recent tax-related developments of interest to nonprofit organizations. Donee reporting regulations. The IRS has withdrawn proposed regulations regarding the contemporaneous written acknowledgments taxpayers must have on hand to substantiate their charitable contributions of $250 or more.…

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Charitable Tax Incentives Restored

The Protecting Americans from Tax Hikes (PATH) Act of 2015, signed into law late last year, restored and made permanent several federal income-tax provisions designed to encourage charitable giving. Contributions from IRAs Charitably minded individuals age 70½ and older continue…

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Changes to Nonprofit Accounting Standards: An Update

The Financial Accounting Standards Board (FASB) is working on a proposal that would make substantive changes to not-for-profit financial statement reporting.* The FASB’s objective is to improve net asset classification requirements and the information provided in the financial statements and…

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Inside the Numbers: Financial Information for the Board

To properly oversee and manage a nonprofit organization, its board members need to receive accurate and timely information about the organization’s finances. But which financial information will be most helpful, and how detailed should it be? There is no single…

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Measuring Performance – Look to Your Mission

A recent study by the Stanford Graduate School of Business in collaboration with BoardSource and GuideStar found that although many nonprofit organizations devote significant efforts to measuring performance, nonprofit directors say the efforts are falling short. Performance measurement needs to…

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Moving Forward: 2016 Not-for-Profit Sector Outlook

While nonprofit organizations have rebounded from the most crippling effects of the 2008 economic crisis, the recenty published State of the Nonprofit Sector Survey* shows many still have significant challenges ahead. For the seventh year in a row, a majority…

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Expense Reimbursement Arrangements

Does your organization reimburse staff and volunteers for expenses they incur while conducting business or traveling on behalf of the organization? If so, you’ll want to have a clear written policy for paying or reimbursing those expenses. Two Alternatives Under…

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Building a Strong Board

Serving on a nonprofit board entails many responsibilities. Board members are expected to advocate for the organization, make prudent decisions, ensure the organization complies with regulations, and plan for the future. Filling a vacant seat is an important board function.…

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Should You Have D&O Liability Insurance?

Nonprofit directors and officers often view their personal liability exposure as much lower than that of their for-profit counterparts. Consequently, many nonprofits carry no or inadequate personal liability insurance for directors and board members. In reality, claims naming nonprofit directors…

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