Nonprofits are expected to act as good stewards of all contributions. But restricted contributions, as the name implies, impose a higher level of responsibility. Dropping the ball when it comes to ensuring that such contributions are used as intended can lead to adverse consequences, making detailed and accurate tracking essential. Continue reading Keep a close eye on restricted contributions
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NEWSBYTES
Recipients of COVID relief could run into surprise audits
The Paycheck Protection Program (PPP), which has offered 100% forgivable loans to eligible organizations, has provided critical support during the pandemic. But Accounting Today warns that nonprofit borrowers could unexpectedly find themselves undergoing “single audits” of their compliance with the federal program’s requirements. So could organizations that receive assistance under the recent American Rescue Plan Act (ARPA). Continue reading NEWSBYTES
Tainted donor, tainted money? — How to handle controversial contributions
In 2019, as waves of lawsuits accused Purdue Pharma of knowingly contributing to the opioid crisis, numerous nonprofits announced they would no longer accept gifts from the Sackler family, several members of which owned the company. That same year, the Massachusetts Institute of Technology came under fire for accepting multiple donations from convicted sex offender Jeffrey Epstein. Continue reading Tainted donor, tainted money? — How to handle controversial contributions
Watching costs is always a smart investment
Both for-profit businesses and nonprofit organizations are looking for ways to conserve costs in the aftermath of the COVID-19 pandemic and resulting nationwide economic crisis. Many nonprofits looking for a path forward out of the pandemic have had to strategically cut costs to contain expenses. Here are some suggestions to help guide cost cutting for your organization. Continue reading Watching costs is always a smart investment
Board designations — 3 questions to consider
The COVID-19 pandemic and ensuing economic crisis have provided harsh reminders of how precarious a nonprofit’s financial stability can be. Uncertainty about the future is prompting some organizations to consider the wisdom of making board designations of unrestricted assets. Here are a few questions your organization might want to consider.
Continue reading Board designations — 3 questions to consider
Newsbytes
This issue’s “Newsbytes” spotlights a recent U.S. Supreme Court case striking down a California law requiring nonprofits to file a list of their large donors with the state and other states’ attempts to limit donor disclosure requirements. It reviews Amazon’s 2021 AWS Imagine Grant program to help nonprofits access its tools and explains how Charity Navigator’s website allows visitors to locate volunteer opportunities in their communities. Continue reading Newsbytes