- May 21, 2020
A quid pro quo contribution occurs when a nonprofit receives a payment that includes a contribution and the nonprofit provides the donor with goods or services valued for less than the total payment.
Olsen Thielen Advisor Blog
- May 15, 2020
If cash flow has dried up, your organization may need to do more than trim expenses. Here’s how to assess your financial condition and take appropriate action.
It’s all too easy to let ineffective not-for-profit continue, even as they consume budget resources. To help ensure your resources are being deployed efficiently and effectively, consider using the tradition of spring cleaning to review and, potentially, replace ineffective programs.
- April 2, 2020
COVID-19 has surely brought uncertain times to all of us. It has also brought business planning strategies to the forefront of positioning and maintaining a business. On top of the day-to-day demands, management has several other critical areas of the company to tighten down. Here are some ideas to think about.
- March 27, 2020
A key fiduciary duty of your not-for-profit’s board of directors is to oversee and monitor the organization’s financial health. Some financial warning signs — such as the loss of a major funder — may jump out immediately. But other red flags can be more subtle. Here are some of them.
- March 26, 2020
Many large U.S. companies offer their employees a matching gift program which helps boost the impact of their employees’ charitable gifts. Double the Donation estimates that $2 to $3 billion is donated through matching gift programs every year.
- March 18, 2020
Every nonprofit should have an executive search plan. Even if you aren’t facing an imminent vacancy, your organization is smart to prepare for what can be a long process. Executive searches generally take several months — even if you end up hiring someone already known to your nonprofit.
- February 26, 2020
Have you ever thought about opening your own business? If so, you will join the group of people who launch small businesses and start out as sole proprietors. Here are nine important tax rules and considerations that sole proprietors need to keep in mind.
- February 13, 2020
A Health Savings Account (HSA) is a financial tool used to hold funds for future qualified medical expenses. The purpose of the account is to provide a tax benefit to those individuals with high deductible health insurance plans.
- February 11, 2020
Accounting for contributions and grants has often proven complicated for not-for-profits, especially when they come with donor-imposed conditions. But 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification of earlier instructions.
- February 11, 2020
To properly fulfill their fiduciary duties, your nonprofit’s board needs certain information. And it’s up to the executive director and managers to ensure they have it.
- February 11, 2020
State law typically specifies the minimum number of directors a not-for-profit must have on its board. In Minnesota, that minimum is three members. But so long as organizations fulfill that requirement, it’s up to them to determine how many total board members they need.
- February 11, 2020
If your top executive were to step down tomorrow, would your not-for-profit know how to make a smooth leadership transition or would your boat suddenly be rudderless? Fortunately, creating a succession plan isn’t as difficult as you might think.
- February 1, 2020
Olsen Thielen continues to take significant steps toward "Going Green", which includes paperless audit and tax returns.
- January 20, 2020
If your not-for-profit suffers from a chronic volunteer shortage or has had to put off large projects for lack of helping hands, corporate volunteer partnerships can be a boon. Teaming up with a well-known company can also raise your nonprofit’s profile with potential donors and the media.