In 2017, a man posing as an Atlanta-based tax consultant was sentenced to 27 months in prison for fraud and money laundering that impacted one of the largest health care organizations based in Louisville. The scheme involved tax credits falsely … Continue reading
It isn’t often that a not-for-profit organization can count on a large donation from an anonymous donor. More likely, it’ll receive restricted gifts (contributions with strings attached), such as a request to name property after the donor or use the … Continue reading
The Financial Accounting Standards Board (FASB) has issued the first major changes to the accounting standards for not-for-profits’ financial statement presentation in more than two decades. Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements … Continue reading
Communication breakdowns between a nonprofit organization’s development and accounting departments can lead to confusion, embarrassment and, worse yet, financial problems. Nonprofits, therefore, must take proactive steps to facilitate collaboration between these two critical functions. Here are three tips: Get a … Continue reading
Most NFPs are founded to provide some public benefit. Tax-exempt status refers to the federal income tax exemption that is available for certain kinds of income under section 501(a) of the Internal Revenue Code (IRC). NFPs that have obtained tax-exempt … Continue reading
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