The New Lease Accounting Standard’s Impact on Private Companies and Non-Profits

August 1, 2019

Written with contributions from Kathy Rizzo and Rich Eagleston  Like public companies, private companies and non-profits are also impacted by the updated lease accounting standard found in ASC 842. What does this change mean for you? We’ve outlined: • When the updated standard goes into effect • Why the change was needed • What it…

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Can collective impact benefit your nonprofit?

May 10, 2019

Nonprofits increasingly are taking on big issues, such as global warming and economic development. Some are turning to a relatively new approach known as “collective impact.” Such cross-sector coordination may help nonprofits achieve greater change than isolated interventions by individual groups. More than collaboration Collective impact is more than just collaboration. Its originators describe it…

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Tax-Exempt Organizations and Transportation Fringe Benefits

December 20, 2018

We have assembled some information relevant to tax-exempt organizations regarding the provision in the TCJA addressing the treatment of certain transportation fringe benefits provided by tax-exempt organizations. To learn more, read our communication on Nonprofit Transportation Fringe Letter. And as always, should you have any questions, please reach out to your tonneson + co tax…

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Valuing and reporting gifts in kind and donated services

October 16, 2017

Nonprofit organizations don’t receive only cash donations. Your support also likely comes in the form of gifts in kind and donated services. But even when such gifts are welcome, it can be challenging to determine how to recognize and assign value to them for financial reporting purposes. Recording gifts in kind Gifts in kind generally…

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Use a giving day to raise money and awareness for your nonprofit

September 12, 2017

What are you doing November 28? If that date doesn’t ring a bell, your nonprofit probably hasn’t made plans to participate in National Giving Tuesday. Considering the opportunities it can provide, it’s worth a closer look.. What is Giving Tuesday? Giving Tuesday, or National Day of Giving, was created to encourage Americans to contribute to…

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Prepare financial statements that will impress your nonprofit’s stakeholders

September 6, 2017

Annual financial statements that have been audited by a professional auditor can help assure funders and lenders that your nonprofit is financially sound. Here are three critical audit issues to understand when preparing financial statements: 1. The auditor’s role Auditors are responsible for expressing an opinion on financial statements. Beyond that, they’re responsible for obtaining…

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Create a nonprofit executive search plan — before it becomes necessary

August 18, 2017

Selecting a new chief executive or other senior staffer is one of the most important decisions your nonprofit board is likely to face. Even if there’s no immediate hiring need, it’s smart to prepare for the process. 1. Form a search team Forming a search team allows participating board members to stay abreast of compensation…

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Reporting collaborative activities: A complex issue for nonprofits

August 10, 2017

More and more nonprofits are joining forces to better serve their clients and cut costs. But such relationships can come with complicated financial reporting obligations. Starting with the simplest For accounting purposes, the simplest relationship between nonprofits may be a collaborative arrangement. These are typically contractual agreements in which two or more organizations are active…

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When does your nonprofit owe UBIT on investment income?

July 29, 2017

In recent years, the IRS has increased its scrutiny of nonprofits’ unrelated business income (UBI). Dividends, interest, rents, annuities and other investment income generally are excluded when calculating unrelated business income tax (UBIT). However, there are two exceptions where such income is taxable. 1. Debt-financed property When your nonprofit incurs debt to acquire an income-producing…

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Managing the risks of your nonprofit’s special events with insurance

July 10, 2017

Nonprofit special events can be lucrative from a fundraising standpoint, but they also carry significant risks. Proper insurance coverage can help protect your organization. Special event, special planning Risks associated with special events run the gamut — from accidents and personal injury, to fraud and theft, to cancellation due to inclement weather or non-appearance by…

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