Not-for-Profit

This month's Special Delivery includes:

• Update Your Email Preferences
• Key Tax Elections on 2012 Returns
• A "Perfect Storm" of Tax Deductions
• New IRS Program for Misclassified Workers
• Obama Signs Cybersecurity Executive Order
• Free Life Sciences E-Book: Delivering the Right Message Throughout the FDA Approval Process
   

Update Your Email Preferences

As business advisors, we want to make sure we are providing our clients and business contacts with messages and updates relevant to your individual and/or...

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

• New Governmental Accounting Standards Board (GASB) Pronouncements
• Political Activities by Tax-Exempt Organizations
• Pay Bias in the Boardroom
• Audit/Finance Committee Review for Form 990 - Key Considerations
• IRS.Gov Website Redesign
• Nonprofit Risk Management
• IRS Provides Guidance on Deductibility of Charitable Contributions to Domestic Disregarded Entities
• Congressional Focus on Tax-Exempt Organizations
• Avoiding a Troublesome Audit
• More FAQs on...

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

• Predicting the Impact of Changing Tax Treatment of Charitable Contributions
• Payroll Audit Updates                
• The Age of Nonprofit Mergers is Upon Us
• The Case of Exempt Organizations in the Tax Reform Debate
• New District of Columbia Nonprofit Corporation Act
• Executive Compensation: Did We Do All The Right Things?
• The IRS Issues Guidance on Tax Treatment of Cell Phones and Provides Recordkeeping Belief 
• More Changes and Debate Over the FASB's Proposed...

The Ohio Attorney General’s Office has introduced a new online registration system for charities that solicit in the state.  The new system, introduced December 1, 2011, will streamline annual filings and enhance transparency and accountability within the charitable sector. 

Soon, all filings will be completed online through the new charitable registration system.  The new system will eliminate the need for paper forms, more accurately determine required fees and make reporting requirements in...

Not-for-profit organizations face many challenges in attracting and retaining executive talent. Compensation programs (types and amount) that can be offered to these executives are much more limited than those which are offered to private sector executives.  Many organizations do not have in-house capabilities to analyze and propose programs that provide competitive compensation. Donors may perceive that executives are overpaid, and are therefore the organization is providing fewer services....

• IRS Changes Postion on Who Must Approve Governance Policies
• IRS Releases New Form 8940, Request for Miscellaneous Determinations
• AICP Comments on Revised For 99-0
• Navigating Through the Acounting for Joint Activities
• Executive Compensation: Is it reasonable?
• Updates From the IRS
• Private Foundation Foreign Giving

As nonprofits plan for growth in a struggling economy, they must take a careful approach to change. Failing to do so could result in a loss of donors, a missed opportunity in structuring their boards, or the potential misuse of social media.

As nonprofits look to grow, it is critical that they not lose sight of the key resources and assets that they already have in place. It would be a real shame to lose something of value in your efforts to grow the organization.

Smart Business spoke with...

CLEVELAND – Skoda Minotti is pleased to announce an educational not-for-profit seminar, featuring nationally recognized not-for-profit expert Dick Larkin, as well as other industry experts, on June 21, from 7:45-11:30 a.m. at 700 Beta Banquet and Conference Center in Mayfield Village. The seminar is free-of-charge.

Larkin is the Technical Director for Not-for-Profit accounting and auditing for the Institute for Nonprofit Excellence in the Washington, D.C. office of BDO USA, LLP. Previously he was...

• New Requirements for Tax-Exempt Hospitals; Just The Beginning?
• Items to Watch
• Executive Departures: How Good is the Goodbye?
• Extenders of Interest to Nonprofits: Better Late Than Never
• Accounting for Leases - Including a Proposed New Accounting Standard
• 2010 Form 990: Calm After The Storm, With Some Challenges To Come
• Federal Tax Deposit Alert - Paper Coupon Payments Discontinued in 2011
• Nonprofit Financial Statement Analysis -...

Some restaurants are re-sizing their portions' sizes due to the economy.  When the IRS updated the Form 990 in 2008, they designed it to re-size itself through 2010 – effectively having it apply to more nonprofit organizations each year.

The Form 990 EZ is a smaller version of the 990 (think of a kid’s meal vs. a double burger deluxe).  Initially, organizations with under a $1 million in revenue and under $2.5 million in assets could file the EZ.  In 2009, the threshold dropped to $500,000 in...

The Pension Protection Act of 2006 mandated that organizations required to file Form 990 series informational returns would automatically lose their exempt status if the forms were not filed for three years in a row (section 6033(j)(1)). The Act also created a new form, the Form 990-N, Electronic Notice (e-Postcard), for most small organizations with less than $25,000 in gross receipts. Previously, these small organizations were not required to file any return at all. Thus, small organizations...

The original ‘milestones’ in ancient times often had no markings of distance or location on them. Today, we use the term in contractual agreements of various sorts, often with very detailed definitions of what it means to reach a milestone. Research and development projects often include required milestones that must be met; until recently, the existing guidance was subject to interpretation. The Financial Accounting Standards Board (FASB) has recently issued guidance as it relates to...