Al Harsar, CPA A not-for-profit organization needs to have a succession plan in place to ensure the continued existence of the organization during transitions of the trustees, in the same way that a for-profit business puts these plans into place. Many not-for-profit organizations have a board of volunteer trustees that interact with the staff and […]
Topic two rounds out our NFP Financial Reporting Changes series! To recap, in 2011 the FASB began a project to improve Not-for-Profits’ (NFPs’) financial reporting after concluding that the existing standards are sound but that it was time to determine improvements that could be made. In 2015, the FASB presented its findings/improvements to the public […]
Ann Emery, CPA explains what nonprofits need to watch out for with unrelated business income tax. Nonprofit organizations facing increased competition for donor dollars may start to seek out income diversification, meaning they are considering alternative revenue streams outside their exempt purpose. While this may raise additional funds, it could possibly subject tax-exempt entities to unrelated […]
As mentioned in our series intro, in 2011 the FASB began a project to improve Not-for-Profits’ (NFPs’) financial reporting. The FASB concluded that the existing standards are sound but that it was time to determine improvements that could be made. Indeed the current not-for-profit financial reporting has held up since 1993, well over 20 years, […]
Al Harsar, CPA shares how to apply value to volunteer time for your not-for-profit: Many not-for-profit organizations are able to utilize the generosity and the skills of their volunteer force for essential tasks and projects. It is important to capture these hours and apply a value to increase the organization’s top line revenues for services. […]
