Name: Mark Van Benschoten, CPA, Principal, Director of Not-for-Profit Services
Posts by Mark Van Benschoten, CPA, Principal, Director of Not-for-Profit Services:
Fraud Reporting Hotline Could Be the Answer to Your Problems
Picture this: You have an annual audit. You comply with the auditors’ requests, provide the necessary documentation and never end up with any findings. So you’re good. Your finances are safe, right? Wrong.
Some people think conducting an audit is like a trip to the doctor – it should catch any and all financial problems. But, just as a visit to the eye doctor won’t include a check for cavities, an audit isn’t designed to uncover all financial troubles. For example: fraud. In very rare instances, an auditor may catch an occurrence of fraud, but it’s not his job to uncover it. Read the rest of this entry “
Between the new Ohio casinos, Ohio Lottery drawings and instant games, legalized gambling is all over the place. Have you ever considered how this pastime could benefit your charitable organization?
Qualifying charitable organizations can benefit from properly structured bingo operations, but the requirements could prove to be a burden. As an alternative, qualifying charitable organizations can receive proceeds from instant bingo activities. Read the rest of this entry “
Not-for-profit organizations need strong active engaged boards for long term success. Success can be defined as continually achieving/reaching the potential of the organization. Success can also be defined as continued existence and continuing to providing services. All things change; economy, funding, services needed, staffing, technology – it is reasonable to expect and/or demand that boards also change. Read the rest of this entry “
Ten Tips to Help Your Organization Protect Its Investments
A nonprofit organization’s investments can be its lifeblood, allowing the group to maintain services or supplement its day-to-day income. Or investments can provide the insurance that an organization has long-term financial security. However your group uses investment income, it’s important to take steps to protect it. Read the rest of this entry “
In recent years, there’s been a lot of media coverage about corporate fraud. We hear about bankers embezzling millions or CEOs with hidden accounts. But, all fraud isn’t on such a large scale. Sometimes it’s a matter of a $25 check here and $50 in cash there. From a fraudster’s perspective, non-profits’ donations (especially small amounts) are often ripe for the picking. Read the rest of this entry “
If you are a not-for-profit organization with a fiscal year ending on or after Nov. 30, 2011, listen up – you will be required by the Ohio Attorney General to make online filing of charity registrations. Read the rest of this entry “
The Internal Revenue Service has issued a warning to booster clubs that conduct fundraisers that they may be subject to IRS scrutiny, including jeopardizing the groups’ 501(c(3) status. An IRS directive addresses the possible tax consequences for booster clubs that reduce the amount a participant is required to pay based on the amount of fundraising the individual has done. Read the rest of this entry “
The IRS recently announced that nearly 11,000 Ohio not-for-profit organizations lost their tax-exempt status. Why? They failed to file an annual informational return for three consecutive years. Read the rest of this entry “
If your not-for-profit organization doesn’t normally have annual gross receipts of more than $50,000, it may be able to file an e-postcard rather than the more extensive IRS Form 990 or Form 990-EZ. The IRS has increased the gross receipts filing threshold from $25,000 to $50,000 for eligible organizations effective for tax years beginning on or after January 1, 2010. Read the rest of this entry “
IRS Form 990 causes anxiety for many trustees of tax-exempt organizations. The form, expanded and revised beginning in the 2008 tax year, was designed to help organizations communicate their business operations more transparently to the IRS, members and the general public. Read the rest of this entry “