For-profit businesses aren’t the only organizations that can find themselves in need of a loan. Nonprofits also may land in situations that call for relatively quick cash. If your organization is in such a spot, consider the decision to borrow carefully. Continue reading Look before you leap: Key considerations when seeking loans
How to handle financial reporting for two
So, you’ve recently joined forces with another entity to boost efficiency, save money and better serve your constituencies. Sounds like a smart move. But does your accounting staff know how to report the activities of the two organizations? Much will depend on the nature of your new relationship.
Continue reading Teaming Up
The Tax Cuts and Jobs Act (TCJA) included several provisions of interest to nonprofits, including one that dramatically altered the treatment of so-called “qualified transportation fringes” (QTFs). With the new rules now in place for a full tax year and IRS guidance issued, some organizations may need to learn how the latest revisions are likely to affect their bottom lines.
Continue reading The tax side of transportation benefits: Are you up to speed?
Giving to donor-advised funds jumps
The National Philanthropic Trust (NPT), the largest U.S. donor-advised fund (DAF) sponsor, has some good news about grants to nonprofits from DAFs. It reports a 39% increase in the dollar amount of such grants made from its sponsored funds in fiscal year 2019, for a total of $1.39 billion. That represents a 28% increase in the number of grants made over the previous year. The jump aligns with reports from other DAF sponsors. Fidelity, for example, reported a 48% increase in grantmaking from DAFs in the first half of 2019. And Schwab said it experienced a 33% increase in the dollars granted from DAFs in fiscal 2018.
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The COVID-19 pandemic, waves of civil unrest and rocky economic times have led to a tsunami of external and internal forces for which many nonprofits have found themselves unprepared. Organizations are struggling to continue serving their constituencies while keeping their employees safe and doors open to the extent permitted, all under the shadow of questions about funding. Continue reading 5 planning strategies in uncertain times
When bringing back workers, follow the rules
Part of your nonprofit’s entrance into the “new normal” nonprofit world may involve rehiring workers — and perhaps hiring some new replacements. For tax obligation purposes, you’ll be required to classify those workers as employees or independent contractors (ICs).
Continue reading Classifying workers as employees or independent contractors
As the COVID-19 crisis intensified earlier this year, pop singer Ariana Grande began taking to Twitter every week to share a list of organizations she was supporting to help provide relief to those hit hard. As a result, organizations such as The Bail Project, Fund for Families and The Mental Health Fund saw a significant jump in contributions and new donors.
Continue reading Influencer marketing comes to nonprofits
Restaurant thrives by teaming up with nonprofit
An organization’s ability to turn on a dime and creatively adapt to changes in circumstances is critical these days. A New Jersey nonprofit called Be Awesome to Somebody demonstrated this during the COVID-19 pandemic.
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