COVID-19 – The Importance of maintaining segregation of duties

Work-from-home mandates intended to stop the spread of the COVID-19 virus have many of us in uncharted territories, which is causing us to react and change the way our organizations operate. The coronavirus has forced many organizations to change the way they operate, but there are certain factors that should not be overlooked, such as …

Keep Reading

Board responsibilities

Being a not-for-profit board member is a great way to get involved in causes that are important to you, but before diving in and offering your services, keep in mind there are responsibilities to being a board member. Don’t miss: CARES Act – Forgivable government loans for non-profits Board member responsibilities can be broken down …

Keep Reading

CARES Act: Forgivable government loans for nonprofits

Last week, Congress and the President signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law.  One of the big items in this Act is the Paycheck Protection Program which provides for a forgivable loan that can be obtained through an SBA lender under the SBA 7(a) loan program. Don’t miss: What should …

Keep Reading

COVID-19: What should nonprofits focus on during this time?

There is no doubt COVID-19’s impact is like nothing we have experienced from the food and toilet paper shortages to the state mandated closures of non-essential businesses and schools. There is so much uncertainty as things are continually changing day by day. Nonprofit organizations are not immune to this impact. In fact, they are probably …

Keep Reading

Qualifying to receive tax credit donations in Arizona

Not too long ago, I attended a presentation on Arizona tax credits for donations to qualifying charitable organization, sponsored by Child Crisis Arizona. I had the pleasure of not only attending the event with Donna, an amazing tax partner here at Henry+Horne, but also of listening to an excellent portion of the presentation done by …

Keep Reading

Are you missing a related party footnote disclosure?

This disclosure is easy to overlook but it’s important for proper financial reporting.  A related party footnote disclosure is needed when transactions are recorded in the financials between the preparer and related parties.  Understanding whom and what is considered a related party will help alleviate missed opportunities in disclosing related party transactions.  Per ASC 850 …

Keep Reading

Raffles – Tax implications and withholdings

Holding a raffle at a special event is common amongst non-profits. But did you know there are tax implications and responsibilities for the winner and nonprofit organization? Here are a few things to keep in mind as you are preparing to hold a raffle. Nonprofit organizations report raffle prizes to the recipient and IRS on …

Keep Reading

Top 10 things to know about Endowments

The accounting for and the responsibilities relating to endowments can be confusing to nonprofit organizations. Accounting staff, management, and the Finance Committee members should all have the knowledge to be able to ensure endowments are tracked correctly and that the organization is complying with UPMIFA. Here are the top 10 things you should know about …

Keep Reading