Is Your Not-for-Profit Organization Legit?

You would be amazed at the number of active not-for-profit organizations that aren’t properly structured or current with their State of Ohio and IRS filings.  This is common in smaller organizations where well-intentioned individuals rotate through the various officer positions and then leave the organization.  Other organizations fail to prioritize managerial aspects, such as organizational administration, that they believe take valuable time away from the organization’s mission.

What some...

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Fraud: A “Red Flag” is a “Red Flag”

Be aware of fraud indicators, whether you are involved in a privately-held business, a publicly-held company or a tax-exempt organization. In a world with increasing fraudulent incidents, we must always keep our eyes open to potential fraud indicators or organizational anomalies that could lead to a misappropriation of business assets.  The fact that something seems unusual doesn’t always correlate to an individual stealing, but don’t completely disregard it either.  Start accumulating the...

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Form 990 Preparations: Don't Let This Happen to You - Disallowed Losses on Form 990-T

The IRS recently completed a multiyear compliance project focusing on the college and university sector. (See the article on page 3 entitled “IRS Final Report on Colleges and Universities”.) As part of the project, the IRS examined the treatment of losses used to offset unrelated business income (UBI). The IRS found that numerous institutions had incorrectly classified expenses related to UBI on their Form-990-T, resulting in reversals of reported losses.

Based on the findings of the project, it...

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501(c)(4) Organizations and the IRS: A Little Background on the Controversy

As everybody now knows, the IRS Exempt Organizations group (EO) has admitted to at least some inappropriate targeting of politically conservative Section 501(c)(4) organizations in the exemption application process.

We have already seen the resignation of the IRS Acting Commissioner and the head of EO being placed on administrative leave and pleading the Fifth before Congress. In this article, we will discuss why the IRS is so interested in 501(c)(4)s with political agendas.

501(c)(4)...

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Nonprofit Accounting: Higher Education - Mid-Year Update

As we find ourselves not only past the middle of calendar year 2013, but also the end of the fiscal year for the vast majority of colleges and universities, it seems like an appropriate time to check in on recent industry trends, and update thinking on the top issues facing higher education in the coming months.

The Wealth Effect

With the steady improvement of the national economy has come an uptick in charitable giving. Consider the headlines in just the past few months alone:

  • Stanford University...
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Not-for-Profit Update: Fall 2012

This month's Not-for-Profit Update includes:

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Tax on Donations: Six tips to keep in mind

As 2012 edges to a close, tax planning should be in the back your mind.  Donating to charity is one way of reducing your tax burden while helping those in need. While charitable donations are deductible up to a maximum of 50% of your adjusted gross income, there are some things to keep in mind when making donations:

  1. Make sure to donate to qualified charitable organizations. You can either ask the charity about its tax-exempt status or find the organization on IRS.gov for more information.  
  2. In...
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Nonprofits May Qualify for Small Employer Health Insurance Tax Credit

In 2010, the Affordable Care Act was enacted to encourage small businesses to offer health insurance to their employees.  Did you know that tax-exempt organizations may also be eligible for the credit?

Tax exempt organizations can claim the credit for 2010 through 2013 and for any two years after that. The maximum credit for nonprofits is 25 percent of the health insurance premiums paid by eligible organizations.  The maximum credit will increase to 35% beginning in 2014.

In order to be eligible,...

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Not-For-Profit Upate: Spring 2012

This month's Not-for-Profit Update includes:

Cost Allocations for...

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Not-for-Profit Update: Winter 2012

This month's Not-for-Profit Update includes:

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