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 […]
Nonprofits don’t face the same government regulations or public scrutiny as for-profit public companies do. But that doesn’t mean your board can afford to get slack about financial governance. Donors and watchdog groups pay close attention to organizations’ Forms 990 and the media is quick to pounce on rumors of fraud in the nonprofit sector. […]
Has your not-for-profit’s program lineup remained unchanged for at least a couple of years? If so, consider using the tradition of spring cleaning to review your offerings. Some of your programs might be due for replacement. Clear out the closets Many nonprofits keep programs long after they’ve stopped working. Instead of relying on old assumptions […]
Cloud computing promises lower technology costs and greater efficiency and productivity. Yet many nonprofits have yet to move to the cloud, possibly because their staffs are smaller and their IT expertise is limited. Fortunately, cloud computing is a simple concept that’s easy to adopt. Remote control Cloud computing, also known as “software as a service,” […]
Corporate matching can double the value of donors’ gifts — a bonus no not-for-profit organization can afford to pass up. Are you doing everything you can to educate your financial supporters and their employers about matching gifts? Encourage donors and employers Most matching programs are managed by HR departments, which provide employees with matching gift […]
The key role of a not-for-profit’s internal auditors was once limited largely to testing financial and compliance controls and reporting their findings to the organization’s leadership. But today, with their cross-departmental perspective, internal audit staff (whether employees or outside consultants) can help anticipate and mitigate a variety of risks, improve processes — and even help […]
Thousands of not-for-profits lose their tax-exempt status every year because they’ve neglected to file required annual forms with the IRS for three consecutive years. Fortunately, if your organization is on the revocation list, you can re-attain your exempt status by following the proper steps. File the right form Assuming you lost your exempt status due […]
Countless nonprofits have partnered up for strength and survival in recent years. But the success of these arrangements depends on careful planning and oversight. Types of partnering There are many types of partnership arrangements between nonprofit organizations. But the two terms you’ll hear most often are: 1. Strategic alliance. This is a blanket term typically […]
The number of taxpayers who itemize deductions on their federal tax return — and, thus, are eligible to deduct charitable contributions — is estimated by the Tax Policy Center to drop from 37% in 2017 to 16% in 2018. That’s because the recently passed Tax Cuts and Jobs Act (TCJA) substantially raises the standard deduction. […]
After a flurry of year-end fundraising, you and your not-for-profit’s staff are probably ready for a little break. Your supporters may be tired, too. At some point, even the most philanthropic individuals experience donor fatigue and start saying “no” — even to their favorite charities. Here’s how to remain engaged with donors and yet keep […]
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.