Your not-for-profit has a board of directors — so why would it need an additional advisory board? There are a few reasons. Some organizations assemble advisory boards to provide expertise for a specific project, such as a fundraising campaign. Other organizations use them to give roles to major donors and prestigious supporters who may not be a good fit for a governing board.

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Here are some other ways to use an advisory board and how to set one up.

Continue Reading How an Advisory Board Complements a Board of Directors

Factors such as wealth level, education and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help not-for-profits target particular groups for support. The newest generation of adults belong to what’s being penned as Generation Z, and it’s possible to draw some conclusions about this otherwise diverse demographic.

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Continue Reading How NFPs Can Gain Support from Generation Z

The Securities and Exchange Commission (SEC) announced on June 29, 2020 that the EDGAR system was upgraded to Release 20.2 and no longer supports the following taxonomies:

  • 2018 US GAAP Financial Reporting Taxonomy,
  • 2018 SEC Reporting Taxonomy,
  • 2012 and 2013 Investment Schedule (INVEST),
  • 2016 Countries (COUNTRY), 2017 Currencies (Currency), and
  • 2018 Exchanges (EXCH).

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Continue Reading EDGAR System Upgrade No Longer Supports 2018 GAAP Taxonomy

After careful planning and collaboration with the Employee Benefit Plan Audit and Consulting niche team, PKF Texas hosted its first virtual Zoom webinar during the COVID-19 pandemic, “Retirement Plans: Navigating Recent Law Changes & Using Them to Your Advantage,” on June 25, 2020.

promotional image of Kristin Ryan, Carl Gillette and Brian Giovannini for a Zoom webinar about employee benefit plans during COVID-19 pandemic

The webinar featured Kristin Ryan, CPA, PKF Texas; Carl Gillette, Aon; and Brian Giovannini, Haynes and Boone, LLP, where they discussed:

  • Key provisions of the CARES Act, SECURE Act and other regulatory updates
  • Retirement plans design considerations and best practices
  • Implementation and potential roadblocks

Continue Reading Recap: Retirement Plans: Navigating Recent Law Changes Zoom Webinar

As trusted business advisors, we enjoy working with you to co-create ideas and co-develop innovative solutions for your business. Even amidst the COVID-19 pandemic, we still want to continue providing valuable information, including upcoming Houston events that we support, and think may be of interest to you.

  • TXCPA Houston
  • K Carpenter Associates Inc. (KCA)
  • Turnaround Management Association – Evening Networking
  • Turnaround Management Association – Morning Networking
  • Houston Business Journal

If you have questions about any details for these Houston events or registration information, the organization-specific contacts are below.

Continue Reading Mark Your Calendars! Upcoming Summer 2020 Houston Events…

a portrait of Kenneth Guidry in a navy suit with red tie; image used for blog post about Kenneth Guidry receiving Lifetime Achievement Award

We are pleased to announce one of PKF Texas’ Founding Shareholders and recently retired Directors, Kenneth Guidry, is the recipient of an inaugural award from the Houston Business Journal.

At their Most Admired CEOs virtual event on August 20, 2020, they will award Kenneth with the Lifetime Achievement Award, commemorating his career and impact on the Houston community.

Guidry officially retired from PKF Texas in January 2020 but assumed the new role as a Director Ambassador for the firm. Throughout his career, he has played an integral role not only at the firm and in the accounting industry, but also in the Houston marketplace. During his tenure as firm President from 2005 – 2018, the firm saw 136% organic growth and was named a 2014 “Best of the Best Firms” by Inside Public Accounting, as well as “Best Company to Work for in Texas” by Best Companies and a “Best Accounting Firm to Work for in the U.S.” by Accounting Today multiple times.

He has served on numerous boards, including PKF International, Allinial Global, University of Houston C.T. Bauer College of Business, Greater Houston Partnership, Center for Houston’s Future and many more. He is a board member and Treasurer of the TriCities Chapter of the National Association of Corporate Directors, a Spring 2011 graduate of the Center for Houston’s Future and a senior follow of the American Leadership Forum (ALF) Class XXXVII.

To learn more about Kenneth Guidry, visit www.PKFTexas.com/KennethGuidry.

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIP) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have already been sent through a combination of electronic transfers to bank accounts, paper checks and prepaid debit cards.

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Eligible individuals receive $1,200 or $2,400 for a married couple filing a joint return. Individuals may also receive up to an additional $500 for each qualifying child. Those with adjusted gross income over a threshold receive a reduced amount.

However, the IRS says some payments were sent erroneously and should be returned.

Continue Reading You Might Need to Return Your EIP

There are many ways for a not-for-profit organization to lose its tax-exempt status — including participating in lobbying and campaign activities, receiving excessive unrelated business income and allowing board members to financially benefit from their positions. But the most common reason not-for-profits lose their status is failure to file an annual Form 990 or 990-N for three consecutive years.

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If your organization has landed on the IRS’s revocation list for this reason, don’t panic. The process for reinstatement is relatively simple.

Continue Reading Need to Regain Tax-Exempt Status for Your Not-for-Profit?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax.

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So how do you qualify? In other words, what’s a coronavirus-related distribution?

Continue Reading What is a Coronavirus-related Distribution?