Classify your nonprofit’s workers correctly — or risk repercussions
Does your nonprofit rely on contractors to get the work done? Make sure these workers are classified accurately or you may face federal scrutiny and financial penalties.
Timing counts: Reporting subsequent events
In today’s marketplace, conditions are ever-changing. By the time you issue year-end financial statements, you may be dealing with a major development that’s affecting your company’s performance. Which developments must be recognized or disclosed in your financials?
Conflict-of-interest policies: It’s about trust
Your nonprofit needs a conflict-of-interest policy. Good governance demands it, your stakeholders expect it and even the IRS wants to know how you prevent conflicts.
Nonprofits: Seize the day with real-time strategic planning
Is your nonprofit’s current strategic plan uninspiring? Does it prevent you from leveraging current opportunities? Real-time strategic planning enables organizations to capitalize on their competitive advantages.
No audit required? Do it anyway
Most nonprofits aren’t required to undergo audits. But you may want to engage an auditor anyway. Here’s how to make the process go smoothly and reduce time and costs.
The IRS again eases Schedules K-2 and K-3 filing requirements for 2021
The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021.
Are you ready for the new disclosure requirements for government assistance?
Has your organization received any COVID-19 relief funds, tax incentives or other type of government assistance in recent years? If so, you may need to disclose the key details about the transaction in your 2022 financial statements.
Your nonprofit’s board needs to know these financial warning signs
Is your board staring at financial red flags without knowing it? Although some warning signs — such as those experienced when the pandemic first hit — are obvious, others are easy to overlook. Here are several signs of trouble that board members need to be aware of and prepared to act on.
Should your business address retirement plan leakage?
Business owners who offer employees a qualified retirement plan should familiarize themselves with the term “leakage” and how to help prevent it.
Keeping your nonprofit’s remote workers connected
Many employees have embraced the opportunity to work from home during the pandemic — but not all of them. Some workers have experienced feelings of disconnection and isolation. So if your not-for-profit plans to make remote working a longer-term proposition, you should look for ways to make everyone feel connected to the job and their colleagues.
Take your financial statements to the next level
Financial statements should be more than an exercise in compliance. Fit companies put their financials to work for them.
Audit disclosures: Why the fine print is important
Audited financial statements contain footnotes that disclose a wealth of useful information. Too often, however, no one bothers to read them.