Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Pay attention to the following issues. What to report Tax reporting for an event may require different — and more —
nonprofits Archives - Crawford Ellenbogen
Jul 27, 2023
Nov 9, 2021
Nonprofits shouldn’t venture abroad without a map
- By Victor Dozzi
- Non-Profit
- 0 Comments
If your not-for-profit is considering soliciting donations, recruiting members or selling products in foreign countries, know that such activities can raise tax and legal issues. Be sure to research the country’s relevant laws and regulations. If the country isn’t a party to a free trade agreement with the United States, high tariffs might prove an
Jul 7, 2021
Collective impact projects find strength in numbers
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
As not-for-profits increasingly take on big issues, some are turning to “collective impact.” This cross-sector approach involves nonprofits, government, businesses and communities working together to solve a specific problem. Collective impact adherents often cite several requirements for success: a common vision, a shared measurement system, mutually reinforcing activities, continuous communication and a separate support organization.
May 11, 2021
Minimize the need to make year-end financial adjustments
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash basis vs. accrual basis financial statements. But you can help minimize the need for such adjustments.
Feb 11, 2021
New revenue idea? Watch out for the commerciality doctrine
- By Victor Dozzi
- Non-Profit
- 0 Comments
The commerciality doctrine was created to address concerns over not-for-profits competing at an unfair tax advantage with for-profit businesses. Even business activities related to your nonprofit’s exempt purpose could cause you to lose your tax-exempt status. Courts consider several factors, including whether you sell to the general public, set prices to maximize profits, use promotional
Feb 3, 2021
Don’t make decisions without data analytics
- By Victor Dozzi
- Non-Profit
- 0 Comments
Data analytics can help your organization validate trends, uncover root causes and improve transparency. For example, analysis of certain fundraising data makes it easier to target those individuals most likely to contribute to your nonprofit. Data analytics can also help develop useful insights, connections and patterns that lead to more informed decision making. Although some
Aug 18, 2020
Main Street Lending Program now open to nonprofit applicants
- By Victor Dozzi
- Non-Profit
- 0 Comments
Last week, the Federal Reserve announced that not-for-profit organizations now may apply for loans under the $600 billion Main Street Lending Program. Previously open only to for-profit businesses with more than 100 employees, the program offers low-interest loans with relatively relaxed repayment terms. If your organization needs funding to keep operating during this difficult period, a
Jun 23, 2020
Nonprofits: Carefully navigate the upcoming election
- By Victor Dozzi
- Non-Profit
- 0 Comments
The 2020 presidential election is fast approaching and your not-for-profit has a stake in its outcome. But that doesn’t mean your organization is free to participate in campaign activities. In general, Section 501(c)(3)s risk losing their tax-exempt status if they participate in campaigning. However, there’s more nuance in the rules than you might suspect. 5
Apr 29, 2020
Here’s how to handle gifts in kind and donated services
- By Ellenbogen
- Non-Profit
- 0 Comments
Apr 1, 2020
CARES Act offers new hope for cash-strapped nonprofits
- By Ellenbogen
- Non-Profit
- 0 Comments