It’s Never too Late to Get Your Nonprofit’s Finances in Order!
A lack of order in finances can keep nonprofits from succeeding but it's never too late to get your nonprofit’s finances in order.
10 tips to build financial literacy within a nonprofit
Build your nonprofit’s financial literacy and get back on track. Here are 10 tips from top virtual accounting pros.
The Corporate Transparency Act (CTA) and Its Impact on Nonprofits in 2024
The Corporate Transparency Act (CTA), which came into effect on January 1, 2024, represents a significant shift in the regulatory landscape for U.S. businesses, including any non-exempt nonprofit organizations such as churches and charitable organizations. The implementation of the Corporate Transparency Act marks a pivotal moment in the fight against financial crimes, signaling a concerted effort to strengthen accountability and integrity within the business and nonprofit sectors. This legislation aims to enhance financial transparency and combat illicit activities by requiring certain entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). By mandating the disclosure of beneficial ownership details, the CTA seeks to create a more transparent environment that deters illicit activities and promotes a culture of compliance across diverse entities operating within the United States. What Nonprofits Need to Know Exemptions for Nonprofits If your nonprofit has applied for 501(c) status but has not yet received it, you could potentially be subject to reporting requirements under the Corporate Transparency Act (CTA). Nonprofits with an active 501(c) status, political organizations under Section 527(e)(1), or charitable or split-interest trusts are exempt from the CTA's reporting requirements. This broad exemption covers a wide range of nonprofit organizations, including most charities, schools, religious organizations, private foundations, social welfare organizations, labor organizations, trade associations, chambers of commerce, and social clubs. It's important to note that the exemption applies without regard to whether the organization has filed an application for recognition of tax-exempt status pursuant to IRC 508(a) Implications for Noncompliant Nonprofits Nonprofits that do not meet the exemption criteria must comply with the CTA's reporting requirements. Examples of Noncompliant Nonprofits Defective Drafting: Nonprofit organizations with defective drafting of their Articles of…
Streamline Your Bookkeeping: Tips and Techniques for Accountants to Increase Efficiency
A roadmap for accountants aiming to optimize their efficiency and effectiveness in 2024 amidst evolving industry demands, technological advancements, and changing work paradigms.
Financial Reporting Simplified: Insights for Accountants and Financial Professionals
Unlock financial insights with this comprehensive guide for accountants and financial professionals. Learn about financial reporting and more.
What is Financial Stability for Nonprofits and Why is it Important?
There are many reasons why nonprofits struggle to stay financially stable, but even more reasons they should strive for that stability.
5 financial best practices every nonprofit should know in 2023
With a looming recession tightening up our budgets, here are the 5 financial best practices that every nonprofit should know in 2023.
Giving Tuesday Is November 29. Here’s How Your Church Can Prepare
With Giving Tuesday just around the corner, there are several ways your church can prepare for full participation but be aware of donor impact on your overall accounting procedures. In the digital age, tracking donors and donations has become more complex, depending on the way your church accounting is set up.
What Can Nonprofits Learn From Patagonia’s $3 Billion Gift?
Patagonia’s recent gift to a nonprofit organization committed to fighting climate change has many other nonprofit’s questioning how and why this particular nonprofit was the chosen one. Read on to discover a few important takeaways from Patagonia’s $3 billion gift as we approach a new year of business:
Forecasting For Fall: A Roadmap For Your Church’s Financial Planning This Fall
In recent years, we’ve found that church roadmaps are getting tougher to build and forecasts are becoming harder to predict. All businesses have been impacted by the pandemic, for example, but most of those businesses are not directly reliant on outside or loyal donations to continue thriving. Read on to discover the 4 steps to building your church’s financial plan, which include eliminating virtual bookkeeping myths and empowering you to prioritize your mission.