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Not-for-profit

Two female volunteers going over food inventory.
Not-for-profit
Does your nonprofit have a conditional contribution?

Nonprofits do some awesome things in our communities: they serve people in need, promote arts and creativity and help build a more unified community. With all these great things they are doing, deciphering Generally Accepted Accounting Principles (GAAP) is the […]

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Woman taking notes during a presentation.
Not-for-profit
Why Join The Nonprofit Financial Group?

Not-for-profit accounting is challenging. It has several unique quirks, and it is constantly evolving. These factors add increased complexities to an already difficult industry and put pressure on financial leaders of not-for-profits to keep current on technical trends and regulations. […]

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Not-for-profit
Which Form 990 should my non-profit be filing?

IRS compliance can be confusing for a non-profit. Failing to file, or filing the incorrect form can have serious consequences. This, of course, begs the question, which IRS Form 990 should my non-profit be filing: a 990-N, 990-EZ, 990, 990-PF, […]

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Not-for-profit
Why would I need a single audit now?

How COVID-related legislation changes thresholds  For many nonprofits, they received more federal funding in 2020 than ever before because of the ongoing COVID-19 pandemic. Between the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Coronavirus Response and Relief Supplement Appropriations […]

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Document with the Word Tax on it with a pair of eyeglasses on top of it.
Not-for-profit
Does Your Non-Profit Have UBIT?

Are you thinking “Our non-profit is  a tax-exempt organization so why should we have to pay taxes?” When a tax-exempt organization has income that is not related to their exempt purpose it might be required to pay taxes.  An organization […]

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Not-for-profit
Helpful Tips For IRS Communications in a Pandemic

It is no secret that the IRS has had its struggles since the pandemic hit. From erroneously revoking charitable status of numerous nonprofits to lengthy delays in processing returns, the IRS remote work environment, like with most institutions, has presented […]

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Not-for-profit
Best Practices for Nonprofits: Statement of Functional Expenses

Most of us are familiar with the statement “100% of nonprofit donations should go directly towards those in need.” From a donor’s perspective, that is an enviable goal.  However, from an accounting perspective, we know 100% is not reasonable. Almost […]

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A row of new construction houses.
Affordable Housing  ·  Not-for-profit
Not-for-Profits and the Section 168(h) Election: Considerations in LIHTC Deal Structuring

By Will Bates, CPA For-profit investors need to examine how a not-for-profit entity is involved in a potential deal structure, as it may create a tax trap referred to as a tax-exempt use property. This creates an unfavorable situation for […]

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Not-for-profit
Your Organization Received Additional COVID-19 Funding. Now What?

By Elizabeth Barchenger, CPA 2020 was the year of the pandemic and for many nonprofits that meant receiving a lot of new unique funding. The federal government, local governments, and many nonprofits and foundations awarded a massive amount of additional […]

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Board meeting
Not-for-profit
Revenue Recognition Standards

For many not-for-profits, 2020 was the year of revenue recognition implementation. One of the most prevalent challenges I noticed for many not-for-profits was remembering revenue recognition consisted of implementing two accounting standards, not one.  So, the first step for implementation […]

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