nonprofit organization

Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations. These transactions occur when your organization receives a payment that includes a contribution and you provide the donor with goods or services valued for less than the total payment.

a hospital glove holding a pen and writing "donate" in a checkbook' image used for blog post about not-for-profit contributions being quid pro quo

Let’s take a closer look.


Continue Reading Quid Pro Quo Not-for-Profit Contributions – What to Know

The novel coronavirus (COVID-19) crisis has put enormous financial stress on many not-for-profits — whether they’re temporarily shut down or actively fighting the pandemic. If cash flow has dried up, your organization may need to do more than trim expenses.

a pencil and eraser point to a drawing of a lightbulb with a question mark in the middle; image used for blog post about assessing a not-for-profit's financial situation

Here’s how to assess your financial condition and take appropriate action.


Continue Reading How is Your Not-for-Profit’s Financial Situation?

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Nicole Riley, an Audit Senior Manager and one of the faces of the PKF Texas Not-for-Profit team. Nicole, welcome back to The Playbook.

Nicole: Thank you. Glad to be here.

Jen: You know, we’ve been covering topics relevant to not-for-profit organizations, and one thing I noticed that you’ve talked about with clients are the fiduciary responsibilities of a board member. Can you elaborate on that a little bit?

Nicole: A lot of board members don’t realize that they do have a fiduciary duty, and it’s really important that they understand that, because they could be held financially responsible for the financial harm they do to an organization.

Jen: Wow, interesting. So, are there certain steps that they need to be mindful of?


Continue Reading Three Important Fiduciary Responsibilities of a Not-for-Profit Board Member

Not-for-profit board members — whether compensated or not — have a fiduciary duty to the organization. Some states have laws governing the activities of not-for-profit boards and other fiduciaries.

But not all board members are aware of their responsibilities. To protect your not-for-profit’s financial health and integrity, it’s important that you help them understand.


Continue Reading Understand Your Fiduciary Duties in Your Not-for-Profit