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

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?

Many taxpayers don’t make the grade when it comes to recordkeeping. If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies.

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Certain types of expenses, such as automobile, travel, meals and office-at-home expenses, require special attention because they’re subject to special recordkeeping requirements or limitations on deductibility.

It’s interesting to note that there’s not one way to keep business records. In its publication “Starting a Business and Keeping Records,” the IRS states: “Except in a few cases, the law does not require any specific kind of records. You can choose any recordkeeping system suited to your business that clearly shows your income and expenses.”

Here are three court cases to illustrate some of the issues.


Continue Reading Make Sure You Have Good Recordkeeping

In times of turmoil, your not-for-profit board of directors should be your organization’s rock-solid foundation. But what if your board is understaffed or simply doesn’t provide the leadership your not-for-profit requires?

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Think about rebuilding it — and the sooner the better. Financial, public health and other challenges are likely to remain a reality for the foreseeable future.

Assess What You Have
Start the rebuilding effort by assessing your current board. Ask the following questions:


Continue Reading How to Rebuild Your Not-for-Profit Board

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them.

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But there may be a silver lining: You may qualify for a tax break for paying the premiums.


Continue Reading Can Seniors Deduct Medicare Premiums?

The COVID-19 pandemic has affected businesses and not-for-profit organizations alike. With Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law, what options do organizations have to receive funds?

The Not-for-Profit team wants to share with you a special information sheet answering questions you may have:

thumbnail image of PDF for cash options for not-for-profit under the CARES act
  • Five ways to get cash now under the

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.

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Let’s take a closer look.


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