The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: Not-for-Profit

Three Things Your Nonprofit’s Board Needs to Know

Information is power. And regularly supplying information to your not-for-profit’s board of directors is the key to the board properly fulfilling its duties. This doesn’t mean you have to share every internal email or phone message. Board members should, however, receive and understand information that will help them work together and better serve your organization…. Continue Reading

A Guide for Not-for-Profits and Loan Borrowing

Debt is an integral part of many for-profit companies’ strategic plans, yet it has traditionally carried a stigma in the not-for-profit world. That view is changing, as more organizations borrow money for major capital purchases, new program funding and other reasons. But before your nonprofit borrows, it’s important to understand that it takes prudent financial… Continue Reading

Five Tips on Succession Planning for Not-for-Profits

Every not-for-profit organization needs comprehensive succession planning to ensure smooth leadership transitions. Here are five tips for making a written plan successful: Look within. It’s important to develop employees who can move up the ladder when an executive director or other senior manager leaves, but don’t rule out hiring an outsider. Promoting from within can… Continue Reading

Prevent Fraud in Your Not-for-Profit Sports League

Many not-for-profit youth sports leagues are at risk for fraud and don’t even know it. Cash transactions are common and leagues are typically managed by volunteers with little oversight, it’s easy for crooked individuals to take advantage of the situation. Unfortunately, sports league fraud is usually committed by well known and respected board members or officers…. Continue Reading

What Factors Motivate Your Not-for-Profit’s Donors?

What do charitable donors want? The classic answer is: Go ask each one individually. However, research provides some insight into donor motivation that can help your not-for-profit grow its financial support. Taxing matters The biennial U.S. Trust® Study of High Net Worth Philanthropy, conducted in partnership with the Indiana University Lilly Family School of Philanthropy,… Continue Reading

Helpful Tax Tips for Not-for-Profit Fundraisers

Whether you’re planning to raise funds for your not-for-profit with a simple bingo game or raffle, or with a more elaborate casino night, you need to understand and follow the federal rules that govern these kinds of activities. Gaming activities can open the door to unexpected taxes and trigger requirements for specific IRS filings. Filings… Continue Reading

Everything Not-for-Profits Need to Know About Unrelated Business Income Tax

Jen:  This is the PKF Texas Entrepreneur’s Playbook.  I’m Jen Lemanski, this week’s guest host, and I’m back again with Annjeanette Yglesias, one of our tax managers on our not for profit team.  Welcome back to the Playbook Annjeanette. Annjeanette:  Thanks, Jen, it’s nice to be here. Jen:  Well now I’ve heard you talk about… Continue Reading

Understand Your Not-for-Profit Board’s Fiduciary Duty

Interest in not-for-profits’ governance practices from lawmakers, watchdog groups, and the general public has been growing in recent years. If your board hasn’t recently reviewed its fiduciary duties, roles, and responsibilities, now is a good time. 3 primary responsibilities Nonprofit board members — whether compensated or not — have a fiduciary duty to the organization…. Continue Reading

Dos and Don’ts of Not-for-Profit Program Development

Is your not-for-profit association offering enough (or the right) programs to keep members active and engaged? Program development requires time, effort and money. So when you commit to developing a new one, you want to get the biggest bang for your buck. Here are some simple dos and don’ts: DO consult your members. Through focus… Continue Reading

Expand Your Not-for-Profit’s Reach with Social Listening

Many not-for-profits are adopting a marketing tactic called “social listening” that for-profit companies have used successfully in the past. Social listening costs relatively little and can give you valuable insight into issues that resonate with your supporters. This allows you to better tailor your communications. Identify and engage Social listening starts with monitoring social media… Continue Reading

Five Accounting Mistakes Not-for-Profits Should Avoid

To err is human, but your not-for-profit’s supporters, not to mention the IRS, may be less than forgiving if errors affect your financial books. Fortunately, if you attend to details, you can avoid these common accounting mistakes:  1. Failing to follow accounting procedures. Even the smallest nonprofit should set formal, documented and detailed procedures for… Continue Reading

Benefit Your Employees and Your Not-for-Profit by Cross-Training

What would happen if one of your not-for-profit’s key people suddenly quit or had to go on long-term disability? Would you be able to conduct business as usual? To prevent a critical function from possibly coming to a standstill, consider cross-training staff. Organization benefits Cross-training personnel means that you teach them how to do each… Continue Reading

Not-for-Profits: You Can Save Tax with an Accountable Plan

Your not-for-profit can’t generally reimburse employees for business expenses tax-free just because staffers submit expense records. However, you can if you have a properly executed accountable plan. Under such a plan, reimbursement payments will be free from federal income and employment taxes for recipient employees and not subject to withholding from their paychecks. Additionally, your… Continue Reading

How to Create a Continuity Plan That Works for Your Not-for-Profit

Most not-for-profits are intensely focused on present needs — not the possibility that disaster will strike sometime in the distant future. Yet it’s critical that all organizations have a formal continuity plan to guide them should a natural or manmade disaster disrupt operations. Formal plan You likely already have many of the necessary processes in… Continue Reading

Common Questions About Registering a Not-for-Profit in Multiple States

If your not-for-profit solicits funds online — or uses other fundraising methods that cross state boundaries — it may need to register in multiple jurisdictions. We’ve answered some commonly asked questions. My charity receives occasional contributions from out-of-state donors. Do I need to register with those states? Yes, but only if you’re actually asking for… Continue Reading

Helpful Tips for Not-for-Profits Filling Out Form 990

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, this week’s guest host, and I’m here with Annjeanette Yglesias, one of our Tax Managers on our not-for-profit team. Annjeanette, welcome to the Playbook. Annjeanette: Thanks, Jenn; it’s nice to be here. Jen: So, as a tax advisor, you often work with non-profits on… Continue Reading