Henry+Horne employees volunteer at literacy fair

On Saturday February 28, 14 Henry+Horne employees and their family members volunteered at a literacy fair sponsored by the Valley of the Sun United Way. The fair was open to the public and held at the Martin Luther King Early Learning Center. Attendees were encouraged to participate in numerous literacy games, dexterity exercises and other …

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Private Foundations Need IRS Approval for Grants

Private foundations are often set up with the purpose of giving out scholarships or grants to individuals. Before starting this program, the IRS requires a private foundation to request “approval” from them. There are certain criteria that must be met with the scholarship/grant program. So, when a private foundation submits a request for approval of …

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Non-Profits and Political Activities

All section 501(c)(3) organizations are strictly prohibited from being directly or indirectly involved in campaigning activities for, on behalf of, or against a candidate running for public office, making contributions to political campaign funds, and making a public statement of position on behalf of the organization. However, did you know that 501 (c)(3) organizations are …

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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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Public Charity to a Private Foundation

The process of changing anything relating to an organization’s tax exempt status can be very confusing. A public charity can be automatically converted to a private foundation by the IRS if they don’t meet the minimum public support percentage requirement. Public charity status is generally the more desirable status, but there may be a situation …

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IRS Form 1098-C

Whenever a non-profit organization receives a donation of a motor vehicle, boat, and/or airplane that has a value of more than $500, they are required to file a Form 1098-C with the IRS. These forms must be filed on an official printed version that is scan-able by the IRS. You can obtain these forms by …

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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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The Rules of Raffles

There are a lot of rules to remember when nonprofit organizations hold raffles. Here is a summary of those rules to keep in mind and to help with planning in advance of the raffle. If the raffle prize is valued at $600 or more AND at least 300 times the raffle ticket price, you must …

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