Not-for-Profit

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Private Foundations Conflict of Interest

September 26, 2023

Private foundations must adhere to strict conflict-of-interest rules. Transactions with “disqualified persons,” including substantial contributors, managers, officers, directors and trustees and their families generally are off-limits. . Selling or leasing property to or from your foundation and making loans or providing goods to it are prohibited. If the IRS determines

2023 Q4 Tax Deadlines

September 26, 2023

The 2023 Q4 tax deadlines are coming up fast. And, it’s also time to start thinking about year-end tax strategies.

Minnesota Metro Sales Tax Increase

September 19, 2023

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.

Tax Reporting for Special Events

August 25, 2023

For nonprofits, tax reporting for special events can be complicated. But careful tracking of revenues and expenses and retaining related documentation now will help facilitate the reporting process later.

Emergency Savings Accounts

August 24, 2023

In 2024, new provisions of the Secure Act 2.0 may allow businesses to help non-highly compensated employees in financial emergencies to take a withdrawal from their 401(k), 403(b) or 457(b) plan using emergency savings accounts that are linked to the plan.

Cryptocurrency Donations

August 23, 2023

Most nonprofits benefit when they accept donations from supporters in whatever form they want. So if you don’t yet accept cryptocurrency donations, here are some ideas on why you may want to start.

New Ideas for Nonprofits

August 21, 2023

Change is good for all organizations and new ideas for nonprofits bring innovation that makes it easier to achieve, and even expand, the nonprofit's mission.

High Net Worth Donors

August 16, 2023

If your nonprofit hopes to land a large gift, it needs to go to the source: high net worth donors. Learn more about wealthy philanthropists and how to get their attention.

Nonprofit Public Relations

August 15, 2023

Good public relations can mean many things. But for a public charity, it means frequently, rather than occasionally, using the media to communicate with prospective supporters about successes, challenges and opportunities.

Improve Nonprofit Accounting Processes

August 10, 2023

Inefficient accounting processes and errors can cost a nonprofit time and money. Here are some tips on how to find and fix less than perfect accounting processes.

Accounting Method for Nonprofits

July 27, 2023

Year-end adjustments to nonprofit financial statements reflect differences between the cash basis accounting method and the accrual accounting method. Learn how to reduce the adjustments.

Reassess Office Space Needs

July 26, 2023

Leased office space is most likely one of the largest line items in a nonprofit's budget. Now may be a good time to reassess office space needs and possibly downsize or change how you use your space.

Trust Fund Recovery Penalty

July 25, 2023

When employment taxes aren't paid to the government, the Trust Fund Recovery Penalty is personally imposed on certain business owners and managers. Here are the rules, along with two cases where individuals were held liable and hit with the harsh penalty.

NonProfit Warning Signs

July 25, 2023

Have you noticed dramatic spending variances from your nonprofit’s budget? What about declining donations? Don’t ignore these nonprofit warning signs. Find out what’s causing them and tackle the underlying issues.

Family and Medical Leave Act

June 29, 2023

Do you know if your employees are covered by the Family and Medical Leave Act (FMLA)? In this article, get the details on employee thresholds and leave provisions.