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Blogging Beyond the Numbers

Posted by: Dana Outhouse 4 weeks ago
What is ASU 2018-08 and will it Impact Me? On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2018-08:  Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.  This ASU will impact all organizations that receive or make contributions of cash or other assets.  The only transactions excluded from this ASU a...
Using storytelling to avoid restricted donations
Posted by: Melodi Bunting 5 months ago
Everyone loves a good story.  Storytelling has a long tradition in our culture.  Research has shown our brains are wired for the structure and engagement of a story.  A story has the potential to instruct, influence, and inspire. Many nonprofits have found this to be true.  Donors are drawn into the mission and needs of the nonprofit through stories of how they are serving their clients.  Imagine he...
city bus
Posted by: Kyle Ager 6 months ago
Due to the changes in the Federal Tax Law, nonprofit employers will have to pay a 21% Unrelated Business Income Tax (UBIT) on transportation benefits including parking and transit passes provided to employees starting January 1, 2018. Employers are NOT prohibited from providing these benefits, but the effect the tax could have on your nonprofit’s finances should be considered. Some employers will continue...
tax changes for non-profits
Posted by: Kyle Ager 7 months ago
The 2017 tax reform legislation is the biggest change to the tax law since 1986. While many of the changes affect individuals and for profit entities, there are some important changes that affect nonprofits. With more than 1.5 million nonprofits in the United States and over 10% of the workforce being employed by nonprofits, the changes will affect the nonprofit community. How donations wi...
key to successful audit
Posted by: Lisa Lang 7 months ago
Successful audits hinge on communication and documentation. As such, preparing for an audit can either be an easy or daunting task depending on your experience and the state of your financial records. Wegner CPAs is committed to making the audit process be a positive experience. Here are the secrets from an auditor’s perspective Obtain the audit preparation list from your auditor. This is a vital co...
creating a church budget
Posted by: Melodi Bunting 7 months ago
Say the word budget and you may see eyes glaze over, people shrink down in their chair or attention shift to cell phones.  The term “budgeting” is often burdened with negative connotations of being restricting, time consuming, useless, and confusing. Budgeting is not a mysterious process done by an accountant in a windowless office, nor is it a futile exercise, but instead it has the ability t...
Allocating Expenses
Posted by: Danielle Moyer 9 months ago
Nonprofit organizations are required to present expenses by their functional classification, such as major classes of program services and supporting activities, but some organizations wait to allocate their expenses functionally until they are required to for financial statement purposes. Below, you will find some of the reasons that it is important to allocate expenses throughout the year, as wel...
5768
Posted by: Kyle Ager 9 months ago
Nonprofits CAN legally engage in lobbying activity to influence legislation. However, the extent to which nonprofits can lobby without endangering their exempt status has caused many to shy away from lobbying activity altogether. The Internal Revenue Code states that no substantial part of the activities of a nonprofit can be to influence legislation. Therefore, a nonprofit can engage in a non-substantia...
Cash Gift
Posted by: Melodi Bunting 10 months ago
As individuals begin to finalize their year-end giving, it is important to consider the deductibility of contributions. According to IRS Publication 526, Charitable Contributions, deductible contributions must be made to a qualifying organization.  Qualified organizations include nonprofits, churches, synagogues, temples, and mosques.  Gifts to a nonqualified organization or individual are not tax deducti...
Key Financial Performance Indicators
Posted by: Steve Kleiss 1 year ago
"So how are we doing?" A common question from management and governance of nonprofit organizations. Here are a few financial indicators for a clearer understanding of the financial health and performance of your organization.  Operating Reserve How much do we have for the lean times? Ample reserves are often discussed and often harder to make a reality, but it helps to start with a defin...