Archive for the ‘Not-For-Profit’ Category

How Do I Apply For Ohio’s Honor Project Trust?

Wednesday, February 19th, 2014

Could your nonprofit use some “extra cash”? I’m sure most of you answered “yes” to that question. And the timing couldn’t be better. A few months back I wrote a blog post about Ohio’s Honor Project Trust. The Honor Project Trust was created as a result of a lawsuit settlement. Excess settlement proceeds from the lawsuit totaling approximately $9 million were earmarked for Ohio nonprofits. The trust’s mission is to identify and providing funding to not-for-profit charitable organizations that have a societal impact in the State of Ohio.  (more…)

How Can My Nonprofit Organization Benefit From Ohio’s Honor Project Trust?

Thursday, October 10th, 2013

Nonprofit organizations in Ohio may soon have “free money” coming to them. Who’s giving out the money? The State of Ohio. The Honor Project Trust was created as a result of a recent lawsuit settlement. Excess settlement proceeds from the lawsuit totaling approximately $9 million were earmarked for Ohio nonprofits. The trust’s mission is to identify and providing funding to not-for-profit charitable organizations that have a societal impact in the State of Ohio. So how do you know if you qualify for this grant and get a piece of the pie? (more…)

Can Your Charity Profit from Instant Bingo?

Monday, March 25th, 2013

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. (more…)

Which 990 Policies Do Non-Profits Need?

Thursday, November 15th, 2012

It’s been 4 years since the IRS redesigned the 990 Form. Part of the change was the addition of a list of questions on various policies your organization may have adopted. Since that time, the IRS has conducted a study to determine which policies organizations have and how the existence of those policies correlates to both good governance and IRS compliance. The study found that those organizations that have polices – and follow them – generally have better tax compliance and governance. (more…)

How Do You Build a Strong Not-for-Profit Board?

Wednesday, August 22nd, 2012

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. (more…)

How Do You Manage Your Non-Profit’s Investments?

Friday, June 22nd, 2012

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. (more…)

What is the 990 Form?

Monday, June 18th, 2012

Understanding Tax-Exempt Reporting

The IRS Form 990 is an annual reporting return that certain federally tax-exempt organizations must file with the IRS. It provides information on the filing organization’s mission, programs, and finances.

Form 990 has been around for more than 50 years. The first 990 was filed for tax years ending in 1941. This comparatively simple two-page form included only three yes/no questions, an income statement, and a balance sheet (although some line items required attached schedules). For example, individuals paid a salary of $4,000 or more were required to be listed on a schedule showing their name, address and amount paid. Similarly, contributions exceeding $4,000 received from any one person were required to be itemized. (more…)

How Do You Protect Your Non-profit’s Donations from Fraud?

Tuesday, June 12th, 2012

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. (more…)

Did a not-profit’s tax return compromise your identity?

Thursday, April 19th, 2012

A new study by Identity Finder shows that 18% of non-profit organizations have published social security numbers on their Form 990 tax returns.

But, we all put our social security numbers on our tax returns.  So, what’s the big deal?  Unlike personal income tax returns, 990s are available to the public.  They’re regularly published by the IRS and shared with various grant-making organizations and the public.  Non-profits use 990s for a lot more than just filing taxes – often they submit copies of 990s with grant applications and make them available to donors.  A 990 can tell you a lot about the financial health of an organization; they’re considered the industry standard financial snapshot for non-profit organizations. (more…)

Should your not-for-profit complete online charity registration?

Friday, March 2nd, 2012

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. (more…)

Could Your Not-for-Profit Organization’s Website have Tax Implications?

Wednesday, February 1st, 2012

Anyone can access your organization’s website – even the IRS. Not only can anyone easily find it through an Internet search, it is now prominently displayed on the first page of your Form 990. As the IRS begins to scrutinize tax-exempt organizations more closely, it is likely examine your organization’s Web advertising and merchandising. (more…)

Does Your Nonprofit Qualify for the Health Care Tax Credit?

Wednesday, December 14th, 2011

Wouldn’t your not-for-profit organization love to find an additional $500 to $5000? Nonprofit groups are often surprised to find that they may qualify for the small business healthcare tax credit, which began in 2010. The credit, which applies to both for-profit and nonprofit entities, has already netted several of our clients between $500 and $5000 in refunds for the 2010 tax year. (more…)

Raising Funds for Booster Club? The Rules are Tricky

Tuesday, September 13th, 2011

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. (more…)

Is Your Group Still Exempt? 11,000 Ohio NFPs Lose Tax-Exempt Status

Friday, July 8th, 2011

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. (more…)

Got A Small Non-Profit? Your 990 Filing Might Be Easier This Year

Monday, February 21st, 2011

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.  (more…)

Can I still do an IRA rollover to charity for my 2010 taxes?

Tuesday, January 11th, 2011

As part of the recently passed tax extensions, Congress extended, once again, the popular IRA rollover to charity provision – but with a twist. (more…)

Donating to Charity from Your IRA? Seniors Get 2010 Deadline Extension

Friday, January 7th, 2011

As part of the recently passed tax extensions, Congress extended, once again, the popular IRA rollover to charity provision – but with a twist. (more…)

Is there a silver lining in revised 990 reporting requirements?

Monday, November 8th, 2010

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. (more…)

How can technology help your non-profit?

Monday, September 20th, 2010

Can technology help you solve some of your nonprofit’s biggest challenges? In a word, yes, in many cases. Every organization is looking for ways to do more with less, and technology can serve as the additional person on your staff to help make things happen. (more…)

How can small charities still comply with the 990-N filing?

Wednesday, August 4th, 2010

The IRS has announced it will help thousands of small charities keep their tax-exempt status who missed the May 17 deadline for filing the new online return, called the Form 990-N or “e-postcard.” (more…)

How can I make a donation for Gulf animal rescue to a reputable charity?

Friday, June 25th, 2010

Just as they did when earthquakes ravaged Haiti, many fast-acting organizations have mobilized to help rescue animals caught in the massive Gulf oil spill. But as was also the case with Haiti, not all groups have the best interests of the animals, or the donors, in mind. If you want to help, how do you know which ones are responsible, versus inefficient, ineffective or outright scams? (more…)

Has the IRS extended the 990 Filing Deadline?

Friday, June 4th, 2010

Hundreds of thousands of not-for-profit organizations are in danger of losing their tax-exempt status because they missed a critical May 17 filing deadline, however smaller nonprofits are being thrown a lifeline by the IRS. The IRS is working to help organizations with annual receipts under $25,000 maintain their tax-exempt status and encourages these groups to go ahead and file the document even though the deadline has passed. (more…)

What does “good governance” mean for nonprofits?

Friday, May 21st, 2010

IRS auditors know what good governance practices are, and they’re not afraid to test them on your not-for-profit organization.

Tax-exempt organizations represent a significant and growing industry. There are more than 1.9 million exempt organizations, not including those with religious exempts, and more than 200 new applications are approved each day. With such large numbers, it’s not surprising the agency is placing increased focus on this area. (more…)

What should not-for-profit trustees know about the 990 Form?

Wednesday, May 5th, 2010

In recent years, the IRS has made several revisions to its Form 990, the tax return for tax-exempt organizations. These changes focus on obtaining additional information that help organizations become more transparent to both the IRS and the general public. However, these changes also mean increased responsibilities for the trustees of these organizations. (more…)