Nonprofit

Community News

Citrin Cooperman raises thousands of dollars for the fight against cancer

Philadelphia-based Citrin Cooperman, an accounting, tax, and business consulting firm, raised $15,652 in support of the American Cancer Society's 2011 Relay For Life of Ocean City, NJ.

Jul 12 2011

2221

Tax

Small nonprofits that lost exempt status may be eligible for reinstatement

In June 2011, the IRS announced that approximately 275,000 nonprofits had automatically lost their exempt status under these new provisions. To help those small organizations that had inadvertently found themselves in this situation, the IRS has issued Notice 2011-43, describing how the exempt status of these nonprofits may be reinstated.

Jun 29 2011

3638

Community News

Boston area firm donates day of business to nonprofits

Westborough, Mass.-based CCR LLP recently closed its doors for a day to volunteer in communities around New England in its Fourth Annual Community Day of Caring.

Jun 23 2011

2375

A&A

Nonprofits and International Financial Reporting Standards

Kurt Herdman of Schneider Downs explains how IFRS has and will continue to have an effect on nonprofit organizations.

Feb 14 2011

4118

Tax

Thousands of not-for-profits could have tax-exempt status revoked

Now that the October 15 deadline has passed, as many as 400,000 not-for-profit organizations could be in danger of losing their tax exempt status.

Nov 18 2010

8311

Tax

IRS gives non-profits one last chance to preserve tax exempt status

Hundreds of thousands of small nonprofit organizations are at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009. These organizations can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program offered by the Internal Revenue Service.

Aug 3 2010

4224

A&A

IRS offers one-time special filing relief program for small charities

Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the IRS announced.

Jul 26 2010

2246

Tax

Statement from IRS commissioner regarding small charity filing deadline

Now that the May 17 filing deadline has passed, it appears many small tax-exempt organizations have not filed the required information return in time.

May 19 2010

4291

A&A

Many small nonprofits may lose tax-exempt status

Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.

May 5 2010

7086

Tax

Are you ready for the redesigned IRS Form 990? More disclosure, more detailed schedules and more pitfalls abound

In December of last year, the IRS released the first major redesign of the form 990 in nearly 30 years in order to keep pace with the increasing size, diversity and complexity of the tax-exempt sector.

Jan 7 2010

5199

Tax

The new Form 990: Governance and internal controls under the microscope

It's been almost a year since the release of the "new" Form 990 instructions, yet many public charities are just now wrestling with its broader disclosure requirements.

Jan 6 2010

6252

A&A

Board recruitment: How to attract younger members

Where are all the young people? Forget the myth that they are not civically minded. You will likely find many young people volunteering on committees or assisting with events and fundraisers.

Jan 5 2010

4351

Tax

User fees increase for exempt organization exemption applications

The IRS has increased user fees for all applications for exemption (Forms 1023, 1024, and 1028) postmarked after January 3, 2010.

Jan 5 2010

2954

Tax

Non-profit officers face May deadline

Officers signing their non-profits' radically revised IRS Form 990 this year may want to read the small print on risking perjury by making false statements about filing at the state level for fund-raising and other activities, according to Martignetti Planned Giving Advisors, LLC, a New York-based consultancy group that advises non-profits. "Charity registration and licensing throughout the 50 states has long been a regulatory morass that most non-profits avoided or ignored.

Apr 30 2009

313

Not-for-profit board members beware: The IRS may have you in its scope

It's a growing trend for socially responsible companies to encourage employees to serve on not-for-profit boards. At the same time, the IRS is stepping up its scrutiny of private charitable corporations and in some cases, holding board members personally accountable when something goes wrong.Here's what happened to Steve Verret, board chairman of a not-for-profit hospital in Beaumont, Texas. After the CEO of the hospital failed to pay employment taxes, the IRS held Verret responsible. According to Verret, the CEO assured him repeatedly that the taxes were being paid on a timely basis.

Apr 9 2009

976

A&A

Special accounting needs of not-for-profits and moving business forward

by Ken Garen, CPANot-for-profit organizations find themselves in a very challenging position. Government and funding sources thrust extremely sophisticated reporting requirements upon them, yet budget and personnel constraints often hamper their ability to fulfill the requirements. The organization's very existence and their ability to move forward may depend upon being able to closely track expenditures and create unique reports required by government and funding sources in an accurate and timely manner.

Mar 11 2009

613

IRS issues extension for 403(b) plans

The IRS has issued a notice announcing relief for 403(b) retirement plans that do not have a written plan in place by January 1, 2009. The new guidance is for retirement plans covering employees at public schools, colleges and universities, and other tax exempt organizations. The IRS is extending the deadline for plan sponsors to adopt new written plans or amend existing plans to satisfy the requirement of the final 403(b) regulations because of difficulties expressed by numerous plan administrators in meeting the current deadline of January 1, 2009.

Dec 15 2008

247

10 tips to help NFPs run at peak performance

Right now is a good time to take stock of your organization and make sure it is running at its best. Indianapolis-based Financial Technologies and Management has compiled a list of tips from which every organization can benefit. Read and consider following through on these suggestions to make next year even better than the last.Accept Donations OnlineWhile most non-profits have a Web site, more than 30 percent do not accept online donations. It's a fact that people give more when they make online donations.

Dec 1 2008

246

Budget shortfalls hammering state and local governments, nonprofits

As Congress and the Treasury Department struggle to stem the damage of the economic crisis, state and local governments are in their own world of hurt.Unlike the federal government, state and local governments must balance their budgets every year. Nonprofits, which bolster the needy with programs that supplement government assistance, are feeling the pain too.States are facing deficits of more than $40 billion in fiscal 2009 budgets, which are just weeks or months old.

Nov 21 2008

424

Education & Careers

Retiring boomers, aka encore workers, will seek meaning in new jobs

In these economic times, boomers will need to work longer, and many say they want a job that provides both money and meaning. The question is, are nonprofit employers interested in hiring employees who have finished their midlife careers? What makes nonprofits more eager - or less - to give encore workers a try?A national survey released this month by MetLife Foundation and Civic Ventures finds that half of nonprofit employers actually see encore workers as highly appealing, with an additional 39 percent finding them moderately appealing.

Oct 30 2008

599

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