New guidelines from the Financial Accounting Standards Board (FASB) govern how gifts in kind must be reported and valued by nonprofit organizations that follow Generally Accepted Accounting Principles (GAAP). The changes are effective for interim periods within annual periods beginning after June 15, 2022, and annual periods beginning after June 15, 2021. Here is what
The COVID-19 pandemic has driven home many lessons for nonprofits, perhaps none so much as the importance of operating reserves. If your nonprofit is among those organizations with dramatically depleted — or nonexistent — reserves, here are some steps you can take to remedy the situation. Tips for Rebuilding Your Operating Reserves Achieve buy-in. It
The role of a nonprofit’s finance committee is probably more important now than ever Here are some of the areas your finance committee should focus on.
The past 18 months have been full of challenges for nonprofits. Adding on to the scope are several significant tax changes for nonprofits and updated guidance that has been released. Some changes can be traced back to the Tax Cuts and Jobs Act (TCJA) of 2017 and are just now receiving guidance or enforcement. Here
During the pandemic, the implications for nonprofit funding, including those that rely heavily on state assistance and individual and business donations, are obvious.
Effective altruism is commonly described as a philosophy that uses evidence and reasoning to determine the most effective ways to benefit others.
Organizations with only one or two sources of revenue are particularly vulnerable to financial trouble. Now is the time to ensure your revenue streams are sufficiently diverse.
The Tax Cuts and Jobs Act (TCJA) dealt several blows to the nonprofit sector. One of them is that, effective January 1, 2018, nonprofit employers are subject to tax on transportation fringe benefits provided to employees. The IRS recently released Notices 2018-99 and 2018- 100 to provide guidance on this issue.
Most nonprofit organizations know they need a succession plan for their executive director, and many have one in place. But managing transition within the board itself is a different challenge, and fewer organizations maintain board succession plans.