• How to protect your nonprofit’s credit cards from misuse

    A hypothetical not-for-profit staffer named Britney had maxed out her personal credit cards. So when her car needed repairs, she reached for her employer’s card. She reasoned that she would come up with the money to pay the bill before her boss ever saw a statement. Britney didn’t come up with the money. But lucky for her, her boss didn’t review the card statement that [...]

    Published On: December 6, 2019Categories: Featured, Not for Profit
  • Accounting for contributions and grants is now easier

    Accounting for contributions and grants has often proven complicated for not-for-profits, especially when they come with donor-imposed conditions. But 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification of earlier instructions. Provider factor Traditionally, nonprofits have taken varying approaches to characterizing grants and similar contracts as exchange transactions (also known as reciprocal transactions) or contributions (nonreciprocal transactions). The new guidance makes [...]

    Published On: December 5, 2019Categories: Featured, Not for Profit
  • Need to know: Give your nonprofit’s board the right information

    To properly fulfill their fiduciary duties, your not-for-profit’s board needs certain information. And it’s up to the executive director and managers to ensure they have it. This doesn’t mean you have to share every internal email, memo or phone message. Board members are busy and you don’t want to bog them down with superfluous reading material. However, there are several types of information you must [...]

    Published On: December 4, 2019Categories: Featured, Not for Profit
  • 3 key traits of every successful salesperson

    Take a mental snapshot of your sales staff. Do only a few of its members consistently bring in high volumes of good margin sales? An old rule of thumb says that about 20% of salespeople will make 80% of sales; in other words, everyone’s not going to be a superstar. However, you can create performance management standards that raise the productivity of your sales department [...]

    Published On: November 29, 2019Categories: Business, Featured
  • Bridging the gap between budgeting and risk management

    At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to research, assess and incorporate into adjustments to next year’s budget: Competitive. No business is an island (or a monopoly for [...]

    Published On: November 27, 2019Categories: Business, Featured
  • What is your taxpayer filing status?

    For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December 31. More than one filing status may apply, and you [...]

    Published On: November 26, 2019Categories: Featured, Individual Tax
  • Using your 401(k) plan to save this year and next

    You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of tax-deferred compounding (tax-free in the case of Roth [...]

    Published On: November 25, 2019Categories: Featured, Individual Tax
  • A shadow board could shed light on your company’s best future

    In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive employees who are on the front lines of changing tastes and lifestyles. Generational change Millennials — people who were born between approximately 1981 [...]

    Published On: November 14, 2019Categories: Business, Featured
  • You may be ABLE to save for a disabled family member with a tax-advantaged account

    There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Eligibility ABLE accounts can be created by eligible individuals to support [...]

    Published On: November 14, 2019Categories: Featured, Individual Tax
  • At the very least, update the financials in your business plan

    Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your company haven’t changed all that much, you may not need [...]

    Published On: November 13, 2019Categories: Business, Featured
  • IRA charitable donations are an alternative to taxable required distributions

    Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision that allows IRA owners who are 70½ or older to [...]

    Published On: November 13, 2019Categories: Featured, Individual Tax
  • Selling securities by year end? Avoid the wash sale rule

    If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How the rule works Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or after the sale date, the loss [...]

    Published On: November 12, 2019Categories: Featured, Individual Tax
  • Engage supporters with your nonprofit’s annual report

    Some of your not-for-profit’s communications are of interest only to a select group of your supporters. But your organization’s annual report is for all stakeholders — donors, grantmakers, clients, volunteers, watchdog groups and the government. Some report elements are nonnegotiable, such as financial statements. But you also have plenty of creative license to make your report engaging and memorable for its wide-ranging audience. First things [...]

    Published On: November 12, 2019Categories: Featured, Not for Profit
  • How the EU’s data protection regulations might affect U.S. nonprofits

    Your not-for-profit may have paid little attention to the European Union’s (EU’s) General Data Protection Regulation (GDPR), which took effect May 25, 2018. The GDPR revises standards for privacy rights, information security and compliance in the EU. Yet it might also apply to U.S.-based organizations, such as your not-for-profit. Big steps beyond GDPR requirements are comprehensive and go far beyond existing U.S. privacy standards. They [...]

    Published On: November 7, 2019Categories: Featured, Not for Profit