IRS rules governing private foundations are complex and include many exceptions, which is why your foundation needs to write and follow a detailed conflict-of-interest policy. Taking this proactive step can help you avoid potentially costly public and IRS attention. Casting a wide net Conflict-of-interest policies are critical for all not-for-profits. But foundations are subject to […]
Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile. In particular, consider: Individual contributions. Compare the donation dollars raised to past […]
If your not-for-profit wants to improve its budgeting, forecasting, fundraising or other functions but is having a hard time identifying both problems and solutions, data analytics can help. This form of business intelligence is already considered invaluable in the for-profit world. But it can be just as useful to nonprofits. Informed decision making Data analytics […]
Auctions have long been lucrative fundraising events for not-for-profits. But these events come with some tax compliance responsibilities. Acknowledging item donations If you auction off merchandise or services donated to your charity, you should provide written acknowledgments to the donors of the auctioned items valued at $250 or more. You won’t incur a penalty for […]
Your not-for-profit’s board of directors meetings don’t always need to be performed up-close and personal in the same room. Many organizations hold virtual board meetings via phone and with Web-based applications. Participation may improve It can be difficult to secure full board meeting attendance, but going virtual might allow members to attend meetings they otherwise […]
For most not-for-profits, there’s no such thing as too much good publicity. If you’re struggling to get enough attention from media outlets, follow these steps: 1. Seize the day. Raise your nonprofit’s profile by putting out news releases regularly rather than just occasionally. A variety of events, such as the addition of a key staff […]
Looking for the perfect bookkeeper is something like looking for an ideal mate. You’ll want to think hard about your organization’s needs before you start searching for, and commit to, the person who’ll handle your day-to-day accounting functions. Define the role Before advertising the position, define the role. Crafting a detailed job description that outlines […]
Successful not-for-profits typically proceed along a standard life cycle. Their early stage precedes a growth period that runs several years, followed by maturity. At this stage, the nonprofit has built its core programs and achieved a reputation in the community. But no organization can afford to rest on its laurels. Where you are Mature organizations […]
The Tax Cuts and Job Act (the Act) was passed in December 2017. One change included in the Act may have significant impacts on nonprofit organizations in 2018. The Act expanded the definition of unrelated business taxable income (UBTI) to include qualified transportation benefits offered to employees. This means many nonprofit organizations that have historically […]
Like their for-profit counterparts, not-for-profits are increasingly allowing employees to telecommute. Done right, work-at-home arrangements, either full time or on an occasional basis, can pay off for both employers and employees. But you’ll need to be proactive to avoid some pitfalls. Bevy of benefits Primary among the advantages of telecommuting is cost containment. An employee […]
Squire, Lemkin + Company, LLP is a Rockville, MD accounting firm providing audit, tax, accounting and not-for-profit consulting services to companies across the East Coast. Our firm has expertise in not-for-profit Organizations, Entrepreneurial Businesses, Professional Service Firms, High Net Worth Individuals, Estates and Trusts, Employee Benefit Plans and Individual Tax Returns.
We serve clients from our office Rockville, MD. We serve the Maryland, Virginia and Washington, D.C. metropolitan area.