Why Your Nonprofit Needs a Mobile Site

It should be no surprise that the use of cell phones has increased. While it has been the source of a lot of talk over the years, it appears we’re finally at a tipping point. Emarketer created a chart to show the shift in search volume in the U.S. since 2011. Their results concluded that …

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Accounting for Joint Activities

Determining whether an organization conducts joint activities and properly accounts for these activities can be challenging at times, as it can be subjective depending on the fundraising activity. In our experience, we have encountered not-for-profit organizations with joint activities that could partially be divided into separate expense categories. Not-for-profits have three categories to allocate expenses …

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Where Are You Saving Your Money?

As an auditor of employee benefit plans, I often talk with clients about their plan’s participation rates and suggest ideas on how to increase participation. As part of my daily routine, I read numerous articles from different financial sources. I came across a CNBC article published on July 29th, 2015 that I found to be …

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Annual Giving USA Report Released

The Giving USA Foundation (a public service initiative of The Giving Institute) has released their annual Giving USA Report on Philanthropy in collaboration with The Indiana University Lilly Family School of Philanthropy. The Giving USA report compiles and analyzes data on charitable giving in the U.S in order to identify trends that can be useful …

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Compliance Testing Failures – Now What?

Hearing the news of a compliance testing failure sounds rather daunting. The severity of a compliance testing failure varies by case, and correcting it may not be as difficult or costly as it sounds. Throughout compliance testing, traditional 401(k) plans must be tested to ensure that contributions made by and for nonhighly compensated employees (“NHCE”) …

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What Percent of My Donation Goes to the Cause of the Organization?

I can’t count the number of times friends and family have asked me what percent of their donation goes towards the cause or programs of a charitable organization. There’s a common argument that the amount of expenses listed in the program column of the Statement of Functional Expenses on the Form 990 is the percent …

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Full Scope vs. Limited Scope Audits

When a 401(k) or other retirement plan requires an annual audit, a plan administrator may have a choice to engage an audit firm to perform a full-scope audit or a limited scope audit of the financial statements. To be qualified for a limited scope audit, a bank or insurance carrier must act as a trustee …

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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 …

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Reduced Corrective Contributions

During April 2015, the Internal Revenue Service (IRS) released Revenue Procedure 2015-28 that made amendments to the safe harbor corrective contributions for employee benefit plans. The Employee Plans Compliance Resolution System (EPCRS) allows plan sponsors to correct certain failures and thereby, continue to provide employees with retirement benefits. The IRS received numerous comments requesting special …

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