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Blogging Beyond the Numbers

Posted by: Derek Hilst 2 years ago
The Financial Accounting Standards Board (FASB) has issued "Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954)." This is the biggest change to Not-for-Profit (NFP) reporting since 1993. The changes will provide the users of the financial statements with better information about the financial health of an NFP. This standard will affect net asset classifications, liquidity, and financial...
Posted by: Christin Biermeier 2 years ago
For many nonprofit organizations, the inability to identify upcoming financial challenges mean they are in a constant struggle to fulfill their mission. Early identification of a problem is usually the most efficient way to galvanize an organization's resources to address it.   Undetected and unaddressed, the challenges can grow, and solutions become more costly and time-consuming. For many org...
stack of coins
Posted by: Mike Hablewitz 2 years ago
Many nonprofits would like to create or expand revenue-producing activities in addition to their existing sources of primary financial support. These might include: Membership dues Fundraising events Government, foundation or corporate grants Program service revenue Investment income Rental income Gains from sale of assets or merchandise Tax-exempt revenue Depending on ...
Posted by: April Campbell 2 years ago
For some nonprofit organizations, selling goods and/or services is a way for them to support their mission.  In most circumstances, these organizations are required to collect and remit sales and use tax (5.5% in Dane County) related to the sale of the goods and/or services.   The good news is there are exemptions which can exclude the nonprofit organization from paying the sales tax. Beginning i...
Posted by: Mike Hablewitz 3 years ago
Great news for 501(c)(3) exempt organizations that solicit contributions in Wisconsin. Governor Walker signed Assembly Bill 778 (Act 163) into law in February and changes have now been implemented by the Wisconsin Department of Financial Institutions (DFI). The following changes are effective immediately for all applicable organizations: Annual threshold at which a charitable organization must obta...
Posted by: Derek Hilst 3 years ago
The Financial Accounting Standards Board (FASB) has issued made decisions to the proposal that could have a significant impact on not-for-profit (NFP) reporting. In 2015, the FASB issued “Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954).” This is the biggest change to NFP reporting since 1993. The proposed changes will provide the users of the financial statements with better inf...
Posted by: admin 3 years ago
Not-for-profit organizations face many of the same problems as for-profit organizations. For example, all organizations must set goals and engage in long-range planning. They also must maintain certain financial records. But not-for-profit organizations have special, unique needs when it comes to financial issues that require a CPA with specialized accounting knowledge for not-for-profit groups. Your ...
Posted by: Yigit Uctum 3 years ago
Once your organization obtains exempt status under IRS 501(c)(3), it is important to be aware of the Federal and State rules and regulations that must be followed to avoid jeopardizing the organization's exempt status. Required Federal Filings 990, 990-EZ, or 990-N Annual information return for public charities.  Type depends on the organization's size.  Return is due on the 15th day of the 5th month...
Posted by: Yigit Uctum 3 years ago
Charity Navigator is a nonprofit organization that evaluates the performance of 501(c)(3) Public Charities.  Each charitable organization reviewed is assigned a star rating from 1 to 4.  Obtaining a 4-star rating from Charity Navigator can boost an organization's ability to secure donations and grants from donors. The purpose of the star rating is to show donors how efficiently a charity is using their...
Posted by: Yigit Uctum 3 years ago
Below is a list of the most common information needed to prepare a 990.  Less information is needed to prepare a 990-EZ and more information is needed for more complex organizations but this is a good starting point. Basic Information Organization's legal name, full address, and Federal Employer Identification Number (EIN) Organization's website Name and title of the person who will be ...