Olsen Thielen Advisor Blog

Categories

Nonprofit Endowments Require Special Handling

December 17, 2020

If the events of 2020 have taught not-for-profits anything, it’s that financial reserves are essential to long-term survival. An endowment is different from operating reserves and generally is designed to provide a steady income to a nonprofit while its core investments grow untouched.

Linda M. Nelson to Retire December 31, 2020

December 14, 2020

After a long and remarkable career, Linda Nelson has decided that effective December 31, 2020, she will be retiring from Olsen Thielen. We want to thank Linda for her knowledge, dedication, and everything she did for clients and colleagues.

Magen Koepp Named to Top Women in Finance 2020

December 10, 2020

We are pleased to congratulate Olsen Thielen's principal, Magen Koepp, for being named a Top Women in Finance 2020 Honoree. Finance & Commerce has honored Minnesota’s Top Women in Finance each year since 2001.

How Nonprofits Should Acknowledge Donor Gifts

December 10, 2020

Charitable giving is typically more common during the holidays. Holiday-inspired generosity and the desire to reduce tax liability makes the end of the year a busy time for charitable giving.

Importance of S Corporation Basis and Distribution Elections

December 1, 2020

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses.

Smart Nonprofit Leaders Know How to Delegate

November 20, 2020

Delegation ideally gives not-for-profit executives time to focus on mission-critical tasks and provides growth opportunities to staffers. However, you need to approach delegation strategically.

Health Savings Accounts for Your Small Business

November 19, 2020

Employee health care benefit costs keep increasing. As a result, your small business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA).

Financial Statement Footnotes Provide Valuable Information for Nonprofits

November 19, 2020

Financial statement footnotes provide donors, governmental supporters, and other stakeholders with critical information about your not-for-profit. It’s important to work with your CPA to make sure your footnotes are accurate and thorough.

Now May Be the Time to Use Your Gift and Estate Tax Exemption

November 18, 2020

The federal gift and estate tax exemption was enacted in 1916, and right now, it is at the highest it has ever been. This means that you can pass more to your heirs today, without paying any federal gift or estate tax, than ever in the past century.

Candid Conversations Can Help Ease NFP Staff’s Anxiety

October 21, 2020

Nonprofit organizations have encountered many challenges in 2020, and the concerns expressed by their leaders are justified. Their concerns include strained budgets, the ability to deliver on the organization’s promises during a pandemic, and more.

Passive Activity Loss Rules

October 13, 2020

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?

Your NFP May Want to Consider Licensing Your Name and Brand

October 13, 2020

In this pandemic year, many not-for-profits are scrambling to find new revenue sources to replace donor contributions and other lost income.

Adam P. Thielen Elected Principal

October 8, 2020

We are pleased to announce that Adam P. Thielen, CPA, was elected Principal, effective September 1, 2020.

Review Your Estate Plan Following a Major Shock

October 8, 2020

It is recommended that you review your estate plan at year’s end. The end of the year is a logical time to note important life events that have taken place over the past 12 months or may affect your plan.

Reporting a Disaster’s Effects on Your Financial Statements

October 8, 2020

The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements.