Charitable giving is appreciated at every level. Any time an individual gives, no matter the amount, it is a precious gift. Some donors may be in a position to give to a nonprofit they are passionate about. In this case, a donor advised fund (DAF) might be an effective way to maximize their gifts. Donor advised funds are charitable investment accounts established at a public charity to support charitable 501(c)(3) organizations and allow donors to take an immediate tax deduc Read More >>
Sending a thank you note after receiving a charitable gift to your nonprofit seems like a simple, but polite, way to recognize a donor. In reality, this acknowledgement is an extremely important piece of the donor/nonprofit relationship.
More Than Thank You
A thank you note is truly more than just a thank you. The IRS imposes recordkeeping and substantiation rules to both nonprofits and to donors.
Donors are responsible for obtaining written acknowledgment from a charity Read More >>
Looking at Leases with Molly Stinn: A Six-Part Series
Molly Stinn, CPA, is an Equity Director at the firm.
The new lease standard presents sweeping changes in the way we think about and record leases in our financial statements. Previous blog posts have discussed elements of the new standards specifically. Understanding the impact of the new standards is essential, but determining a game plan will make the implementation process go much more smoothly.
TransitionaRead More >>
Members of the Corrigan Krause team spent the afternoon on June 26 at the Lake Erie Nature and Science Center in Bay Village, Ohio.
The center is a nonprofit organization that offers educational programs, live animals on exhibit and a world-class planetarium.
Corrigan Krause’s staff participated in a community service day, helping the center with a variety of outdoor landscaping needs, including weeding, trimming and mulching. This was the second year in a row that our t Read More >>
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.
A few examples would include:
- Working in the organization’s museums or retail shops
- Answering phones
- Other administ
Al Harsar, CPA recommends some tips for keeping the “fun” in fundraising:
One of the key roles of a non-profit organization’s management and board of trustees is to raise funds. This ensures the organization is cash-positive so it can keep its mission going strong. Every organization should consider applying for grants that may qualify for its mission, solicit sponsorships for special events, and ask for donations from its members or the gene Read More >>
However, these challenges have solutions! Erin Currie, CPA shows the creative planning that must take place in the not-for-profit world:
In today’s not-for-profit world, it is extremely important to have your yearly budget in place and continuously reviewed. However, your strategic plan is what really holds the key to your future. Funding and staffing constraints can often limit a not-for-profit from reaching its full potential. A strategic plan allow Read More >>