When change occurs, there are always winners and losers. With the new tax reform signed into law recently, many articles have been written about the anticipated impact these changes will have on individuals and businesses. However, the impact tax reform may have on nonprofit organizations has received limited media focus. Reform may directly impact the charitable contributions of millions of taxpayers. With tax incentives to donate most likely diminished, nonprofits may struggle to find alternative ways to replace financial support. Let’s look at these major changes that could discourage charitable giving: (more…)
Generally, summer months are busy for most nonprofit organizations, with the year-end financial close and preparation for the annual audit process. Through this process, the Organization’s finance and accounting teams are working to demonstrate to external parties their compliance with internal processes and controls and laws and regulations. To better ensure the Organization’s compliance, the Audit Committee provides assistance to the Board of Directors in the oversight of these activities.