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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Arizona Gives Day Results

Arizona Gives Day, the annual one-day online giving campaign, was hosted by the Alliance of Arizona Nonprofits and the Arizona Grantmakers Forum for the third year on April 7. The first Arizona Gives Day event began in 2013 in order to rekindle the funding that typically slows after the holidays. In 2013, Arizona Gives Day …

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Contributions Not Reported on the Form 990

There are quite a few differences between GAAP accounting and the rules for reporting on the Form 990. I was recently reviewing the rules on reporting contributions on the 990 and thought I would share a few that are often overlooked. Contributions that are not reported on the Form 990: Unreimbursed expenses of officers, employees, …

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Recognition and Measurement of Debt and Equity Securities

Many not-for-profit organizations receive donations in the form of assets other than cash. Therefore, it’s important to know the proper way to report these donations on your financial statements. Donated investment assets (such as stock) should initially be recorded at fair value. As long as the securities are an asset of the organization, the value …

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Conditional vs Unconditional Promises to Give

By definition, conditional promises to give are donor promises to contribute assets to an organization, assuming a specified future or uncertain event occurs. A condition is not the same as donor-imposed restrictions, but should be considered as a barrier that must be overcome to be considered a contribution. Until the condition is met, the organization …

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Arizona Gives Day is Next Week!

For the third year in a row, Arizona Gives Day is approaching April 7, 2015. AGD, which is a collaboration between the Alliance of Arizona Nonprofits and the Arizona Grantmakers Forum, is a 24-hour online giving campaign meant to unite and connect Arizona residents with the not-for-profit community. Below are highlights from the inaugural Arizona …

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Functional Expense Allocation

It’s important as a not-for-profit organization to accurately allocate expenses among your program(s), management and general, and fundraising. Many donors restrict grants and contributions specifically for the entity’s programs. Therefore, it’s vital to only allocate expenses that are related (either directly or indirectly) to the purpose or mission of the not-for-profit to the program functional …

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How to Clean Up Old, Uncleared Checks in QuickBooks

There are a number of reasons why you may have old, uncleared checks on your books. Whatever the reason, it is important to clean any checks that should be cleared off your books in order to make sure you are not overstating your cash balance. First, you need to determine if the money is still …

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Are you baffled by Schedule A?

Schedule A of the Form 990 is required to be completed by all public charities. This schedule shows the IRS how the Organization is a public charity (versus a private foundation) and also proves that the Organization is receiving enough support from the general public, in order to maintain its status as a public charity. …

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