Your not-for-profit has likely grown and evolved since it was founded. Have your bylaws kept pace? Bylaws are the rules and principles that define your organization — and, if you haven’t revisited them recently, they may not be as effective as they could be. Rules and procedures Typically, bylaws cover such topics as the broad […]
Not-for-profit organizations don’t lose as much to occupational fraud as for-profit businesses do. According to the Association of Certified Fraud Examiners’ (ACFE’s) 2018 Report to the Nations, nonprofits lost a median amount of $75,000 during the 21-month study period, compared with $164,000 for private for-profit companies. Yet few nonprofit budgets can afford a $75,000 shortfall […]
Not-for-profits with multiple sources of support generally are less likely to have budget shortfalls and are better able to grow and expand their services. If you’re looking for new funding sources, consider cause marketing. Made possible via a partnership with a for-profit business, cause marketing can boost your budget, your public profile and even your […]
The IRS’s staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary. If your organization receives an audit letter, you need to know what the process involves and […]
Do you want to control costs and improve delivery of your not-for-profit’s programs and services? It may not be as difficult as you think. First, you need to know how much of your nonprofit’s expenditures go toward programs, as opposed to administrative and fundraising costs. Then you must determine how much you need to fund […]
Not-for-profit board members — whether compensated or not — have a fiduciary duty to the organization. Some states have laws governing the activities of nonprofit boards and other fiduciaries. But not all board members are aware of their responsibilities. To protect your nonprofit’s financial health and integrity, it’s important that you help them understand. Primary […]
Nonprofit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions or “one or more lines of interest.” Whether the association is a local chamber of commerce, a real estate board or a large professional group, associations’ tax-exempt status is contingent on their sponsoring certain types of activities — […]
Outsourcing human resources can give your not-for-profit’s staff more time to spend on core duties and mission-driven programs and it may be cost-effective. Here are some suggestions if you’re thinking about outsourcing part or all of your HR tasks. First steps First, decide which segments of the HR function to farm out. Take a look […]
If your not-for-profit’s board is like most, its members lead busy lives. They may not get to every board meeting or perhaps they’re able to attend meetings only via teleconference. That’s why it’s important to periodically bring everyone together in a relaxed setting. But to be successful, your retreat should be planned to the smallest […]
U.S. Generally Accepted Accounting Principles (GAAP) require not-for-profits to regularly evaluate whether there’s “substantial doubt” about their ability to continue as a going concern. This means that the organization won’t soon liquidate its assets and cease operations. What does your management team do if it determines substantial doubt? 2-step evaluation Your nonprofit’s management must perform […]
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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.