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.
On Friday, June 28, 2019, the Houston Business Journal is hosting a philanthropy and not-for-profit panel as part of its Power Breakfast series.
Houston is known as a giving town, with many not-for-profit organizations in the city. The panel discussion will dive into successful fundraising and marketing strategies, as well as ways not-for-profit organizations can
Not-for-profit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions or “one or more lines of interest.” Whether the association is a local chamber of commerce, a real estate board or a large professional group, associations’ tax-exempt status is contingent on their sponsoring certain types of activities — and avoiding others.
When they fail to do so, the IRS may take action.
The Financial Accounting Standards Board (FASB) issued new guidance that will allow not-for-profit organizations to elect two of the private company alternatives. This new guidance will allow not-for-profit organizations to elect to amortize goodwill and provide an option to subsume certain customer-related intangible assets and all non-compete agreements into goodwill.
These alternatives are expected to reduce the cost of accounting for goodwill and measuring identifiable intangible assets for not-for-profits as goodwill would only be tested for impairment upon a triggering event, instead of annually, and additional time and costs would not be incurred to determine the fair value of customer-related intangible assets and non-compete agreements.
It’s possible that your not-for-profit’s work could come to a standstill — unless you’re cross-training your employees.
What would happen if one of your managers was suddenly forced to take long-term disability leave? Or an accounting staffer quit without notice?
Your not-for-profit’s ability to pursue its mission depends greatly on its financial health and integrity.
If your not-for-profit is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a chief financial officer (CFO).
Most not-for-profits are intensely focused on present needs, not the possibility that a natural disaster will strike sometime in the distant future. But because a fire, flood or other natural or man-made disaster could strike at any time, the time to plan for it is now.
You likely already have many of the necessary processes in place — such as evacuating your office. A disaster or continuity plan simply organizes and documents your processes.
In our continuing effort to help co-create solutions for business’ future, we offer the following ideas, insights and perspectives in the latest edition of the Leading Edge Digital Magazine. These thought leadership pieces are ready to be accessed any time, anywhere at LeadingEdgeMag.com/PKFTexas.
If you have topics you would like us to cover in future Leading Edge Digital Magazine editions, contact us. As always, we enjoy receiving comments and feedback from our clients and the friends of our firm.
PKF Texas officially hosted its first not-for-profit seminar of 2019, and it was a success! Despite the heavy storms in Houston the previous night, attendees found their way to PKF Texas’ office for the morning seminar.
This first of three seminars, titled “Empower Your Not-for-Profit Board Members and Inspire Leadership,” was presented by Dini Spheris
A not-for-profit can have many strengths — a prominent board of directors, dedicated volunteers, committed staff members and effective programs — and still struggle to meet fundraising goals. Often, such not-for-profits lack a strategic plan.
Here’s how to develop one that can get better results.