Olsen Thielen Advisor Blog

All organizations, whether for-profit or not-for-profit, must evolve or they could become obsolete.  For-profit organizations tend to react faster to market demands, whereas many not-for-profits continue to run their organization the same way it always has been done in the past.  Not-for-profits can learn a few things from the for-profit

Competition is intense for private and public grants to not-for-profits, so it is as important as ever to write a winning grant proposal.  Submitting a sloppy and unprofessional grant proposal could undermine your efforts to receive adequate grant money. 

Not-for-profit organizations frequently conduct raffles as fundraisers. This popular fundraiser, however, is subject to strict state and federal tax rules. State laws can vary significantly, but nonprofits also must comply with federal income tax requirements such as unrelated business income, reporting and withholding.

Financial resources are precious for most not-for-profit organizations and they need to minimize accounting and tax mistakes. It is true that to err is human, but some errors are more consequential and harder to fix than others.  Here are some questions you need to ask to avoid common accounting and tax

Religious congregations are not required to file tax returns so they may not have the benefit of regular oversight by independent accountants and also may not be aware of the best practices that should be followed.  Without professional accounting oversight, they could be leaving their organizations vulnerable to fraud and

Like many not-for-profits you may use regular member surveys to find out the pressing needs of your members, but if you fail to conduct them strategically means you could end up with useless information. Maximize your next survey’s effectiveness by focusing on your objectives during every stage of the process.

Striving to improve communication and collaboration between a not-for-profit's development and accounting departments can avoid confusion, embarrassment and possibly financial problems. Here are three ways your organization can facilitate cooperation between these two critical functions.

Directors and officers (D&O) liability insurance is common in the business world, but not as common at not-for-profit organizations.  This type of coverage enables board members to make decisions without fear that they’ll be personally responsible for any related litigation costs.

Financial warning signs in not-for-profits can be subtle. Board members have a responsibility to recognize signs of financial distress and do everything in their power to avert potential disaster.