Competition for resources, donors, and volunteers is greater than ever. Social media and online marketing create excellent opportunities to connect, but they also create new forms of competition. Online, your organization is likely to be competing for clicks against another worthy cause.
Consider your current branding and marketing strategy. Is your story clear? Does it resonate with your various constituencies to create loyalty and engagement? Is it attracting those who are newly interested in your mission? (more…)
By Josh Cross, CPA, Principal
ASL Nonprofit Group
In 2014, the FASB issued ASUs 2014-02 and 2014-18, which originated as standards developed by the Private Company Council (PCC) based on feedback from privately held companies. The standards addressed the accounting for goodwill and certain identifiable intangible assets acquired in a business combination. Initially, the new PCC standards did not apply to nonprofit organizations. (more…)
Nonprofit organizations run on notoriously lean budgets. Every dollar spent on administrative needs is a dollar not spent on organizational mission.
With this frugality in mind, it’s no wonder that nonprofit organizations often “go without,” encouraging everyone to work a little harder and smarter. But this attitude can overtax staff and create inefficiencies. Moreover, nonprofit organizations often reach a point when a lack of knowledge, expertise, or time can result in poor financial decisions or outcomes. (more…)
In 2016, the Financial Accounting Standards Board (FASB) issued new rules for nonprofit organizations, “Presentation of Financial Statements for Not-for-Profit Entities.” These new rules, effective for organizations with calendar year 2018 and fiscal year 2019 year ends, were the first significant changes for nonprofit financial statements in 25 years.
In June 2018, the FASB released a clarification to the 2016 rules regarding contributions of cash and other assets received by nonprofit organizations. With this clarification in place, nonprofit organizations have more guidance about the key changes required for the presentation of their financial statements. (more…)
Floods, fires, hurricanes, earthquakes, tornadoes. You never think the worst will happen to your community. But bad things happen everywhere, and smart organizations know they need to plan ahead.
What’s the state of your disaster recovery plan? There’s no time like the present to assess—or reassess—your needs. (more…)
By Samantha Ramirez, CPA, Tax Manager
ASL Nonprofit Group
Hidden surprises in the new Tax Cuts and Jobs Act (TCJA)? One worthy of discussion is the “parking tax”. While this provision applies to all businesses, for tax-exempt organizations (TEOs) it creates an extra filing requirement. For the first time in 2019, TEOs may be required to file a Form 990-T and pay unrelated business income tax.
The TCJA added IRC Section 274 to deny employers a deduction for certain qualified transportation benefits paid after December 31, 2017. These benefits include the expense for employer-provided parking. In an attempt to mitigate disparity between for-profit and not-for-profit entities, the TCJA added IRC Section 512(a)(7), which requires tax-exempt organizations to increase unrelated business income (UBI) by the transportation benefits disallowed as a deduction for taxable entities. For those organizations that pay these benefits, the organization will be subject to a flat 21% income tax on any disallowed parking expense. (more…)
According to the Charitable Giving Report, online giving reached a record high last year, representing 8.5 percent of overall fundraising revenue. Since 2016, online giving has grown 17 percent with no signs of slowing.
One reason is Facebook. If you’ve been on Facebook recently, you’ve probably noticed requests to support a cause on behalf of a friend’s birthday. Launched in August 2017, the Facebook birthday fundraising feature raised more than $300 million in its first year, and Facebook now waives its fee on every birthday-related donation. (more…)
Your board is critical to the success of your nonprofit organization. Board members must meet certain standards of conduct, including governing the nonprofit according to its bylaws, exercising reasonable care when making decisions, and assuming certain responsibilities—and liabilities—related to their roles as directors.
With these responsibilities come risks, and many board members may not even know the extent of their personal exposure. Protecting your board members—and attracting new ones—often requires an insurance policy designed specifically for this purpose. (more…)
You have carefully recruited, interviewed, and vetted the next slate of board members. These eager additions are ready to commit to your mission, but how can you ensure that they are prepared to carry your organization into the future?
Board orientation is a crucial first step.
Your orientation process should get new members to acclimate and contribute in their new roles as soon as possible. At its core, the process should leave everyone feeling valued, appreciated, informed, and inspired. (more…)