Young Nonprofit Professionals Network

The Young Nonprofit Professionals Network (YNPN) is a group solely devoted to helping and training young professionals who want to devote their energy and commitment to the social sector. YNPN looks for those who are purpose-loving changers, mission-driving professionals, big idea pushers and cause crusaders who make nonprofits happen. The network connects nonprofits with young/passionate …

Keep Reading

Involvement of Nonprofit Board of Directors

Recently I came across an article by Accounting Today that discussed a survey of over 100 not-for-profit leaders who were asked to gauge what they felt about their board members and those members’ involvement. Most spoke positively of their board but reported some challenges broken down below: 15% of the leaders felt the board carefully …

Keep Reading

Internal Control Policies Reported on the 990

Lately I’ve received several questions about the policies and procedures listed on page 6 Part VI Section B, three of which are a written conflict of interest policy, whistle blower policy, and a document and retention policy. The concern always seems to be, what if the organization doesn’t have these policies in place? The IRS …

Keep Reading

Is It Time for You to Implement a Social Media Policy?

Social media has become the top marketing tool in businesses today, which of course includes the not-for-profit community. By now, you probably have a team member that is responsible for the organization’s Facebook, Twitter and LinkedIn accounts. However, there are more ways that social media can affect your organization than its own pages. Employees, volunteers …

Keep Reading

Conflict of Interest Policy: Financial Statements & Form 990

On page 6 of the Form 990, the IRS asks the nonprofit organization if they have a written conflict of interest policy, if annual disclosure is required, and if the organization regularly monitors and enforces compliance with the policy. Often times when I ask the above question of my 990 clients, I get a response …

Keep Reading

Self Dealing in Private Foundations

Those involved in governance of private foundations need to be careful about certain types of transactions, or they can find themselves facing substantial excise taxes that are required to be paid directly by the individuals involved. The IRS defines certain types of transactions as “self-dealing” when they are carried out between the foundation and “disqualified …

Keep Reading

Tips for Good Governance of a Not-for-Profit Organization

I was recently reading an article in the September issue of the Journal of Accountancy that highlighted tips for good not-for-profit governance that were presented at this year’s AICPA Not-for-profit Industry Conference.  It was such a concise, solid list that I thought I’d share it with our blog readers: 1. State the organization’s values in a …

Keep Reading

The Importance of A Conflict of Interest Policy

Conflict of Interest policies for board members are a much needed piece for any not-for-profit organization.  A conflict of interest policy will help board members recognize when their activities are related party transactions and should have different treatment.  These treatments include processes for decision making and disclosures to the financial statements.  When a board member …

Keep Reading

Best Practices for Not-for-Profit Organizations

“Best practices” can be a buzz phrase you hear a lot, especially when it comes to governance of a not-for-profit organization.  With the overload of information available to organizations, it’s easy to see why some view the task of incorporating best practices into their own activities as a bit daunting. The following are some “basics” …

Keep Reading

Voided vs Canceled – What Type of Check is your Auditor Talking about?

My favorite response when I ask about canceled checks is “we don’t have very many of those” – especially when it is an organization that is large enough to merit a separate A/P clerk so they transact hundreds of checks a month. So, where’s the confusion coming from? They think I’m asking about voided checks, …

Keep Reading