Not-for-Profit

Categories

Avoid Excess Benefit Transactions and Keep Your Tax-Exempt Status

October 23, 2019

One of the worst things that can happen to a 501(c)(3) not-for-profit organization is to have its tax-exempt status revoked. Among other consequences, the nonprofit may lose credibility with supporters and the public, and donors will no longer be able to make tax-deductible contributions.

Nonprofits Can Borrow, But Can You Find a Lender?

October 21, 2019

Borrowing isn’t just for businesses. Many not-for-profits borrow money for major capital purchases, new program funding and even to manage current cash flow. But if you’re hoping to borrow, it’s important to understand that there are likely to be obstacles ahead, including finding a lender that offers reasonable rates.

Why Your Nonprofit Should Have a Gift Acceptance Policy

October 18, 2019

When you receive a personal gift from a friend or family member — even if it’s not something you particularly want — you accept the gift and thank the person. The same isn’t always true of gifts given to your not-for-profit. Gifts should be examined, and, possibly, refused.

Keeping Pace with Your Not-for-Profit’s Bylaws

October 9, 2019

Most likely your organization has grown and evolved since it was founded. Do you know if you are keeping pace with your not-for-profit's bylaws? Bylaws are the rules and principles that define your organization — and, if you haven’t revisited them recently, they may not be as effective as they

New Principals Elected

October 8, 2019

We are pleased to announce Matthew J. Klein and Nathaniel L. Nelson have been elected Principals of the firm, effective September 1, 2019. With their election, Olsen Thielen now has 21 Principals and over 86 staff.

Ask the Right Questions About Your Cybersecurity Risk

October 2, 2019

Business owners only need to turn on the news to learn about the latest data breach or attack of ransomware. But when it comes to their own business’ security, are they asking the right questions to ensure they are doing all they can to prepare for the rising tide of

Don’t Waste Your Board Member’s Time

September 25, 2019

Your board members serve because they believe in your organization and care about your mission. However, most are unpaid volunteers. You owe it to them to make the job as easy as possible — starting with well-organized board meetings that are only as long as necessary.

Fraud Risk Assessment

August 20, 2019

Publicly traded companies must conduct fraud risk assessments but privately held businesses aren't subject to the the same fraud risk assessment requirements.

Social Security No Match Letter

August 19, 2019

Starting in the spring of 2019, the Social Security Administration (SSA) has been sending out these letters to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are filed with the IRS.

Active Fraud Detection

August 15, 2019

When it comes to reducing fraud loss and duration, active fraud detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police). In spite of the effectiveness of the active methods, many companies fail to use them to their full

Background Checks Help Cover all the Bases

July 30, 2019

Background checks don’t inoculate companies against occupational fraud and other criminal acts by employees. After all, many thieves have never been caught and, therefore, have no criminal background.

Not for Profit Fraud

July 23, 2019

In general, the amount lost to not for profit fraud isn't nearly as much as it is at for-profit businesses. Few nonprofit budgets can afford a $75,000 shortfall or the bad publicity associated with fraud. Here’s how nonprofits open the door to fraud — and how your organization can shut it.

Cause Marketing

July 12, 2019

Even if your nonprofit typically doesn't have budge shortfalls, you may be looking for new funding sources and may want to consider cause marketing. Made possible via a partnership with a for-profit business, cause marketing can boost your budget, your public profile and even your volunteer base.

IRS Audits of NonProfits

July 12, 2019

Many government agencies are experiencing staff shortages, but don't assume they have given up on IRS audits of NonProfits! Staff shortage or not, the IRS continues to scrutinize organizations and conduct audits when deemed necessary. If your organization receives an audit letter, you need to know what the process involves

Operating Reserve is Nonprofit’s Safety Net

July 11, 2019

An operating reserve is a nonprofit's safety net that has the unrestricted and relatively liquid portion of the organization's net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival.