07Oct 2017 by William Simi No Comments
Year End Audit Preparation for Nonprofit Organizations

Year End Audit Preparation for Nonprofit Organizations

Not For Profit, Uncategorized
Holiday parties; family gatherings; golden turkey and all those other edible goodies - some things just make you look forward to this most wonderful time of the year. But you know it is looming. Out there, in the not too distant future. Waiting. Here’s the truth - your end of year audit isn’t going to disappear anytime soon. Taking the right steps now in getting prepared will not only save you time and money, but also a great deal of frustration. And whether or not you think of it as merely a necessary (or unnecessary) evil, be assured that the annual audit does in fact have its benefits. You see, an audit is a great opportunity for taking stock of your nonprofit organization; to come face to face with its…
Read More
09Mar 2017 by William Simi No Comments
The impact of Unrelated Business Taxable Income on your nonprofit

The impact of Unrelated Business Taxable Income on your nonprofit

Compliance, Non Profit Principles: Steering You in the Right Direction, Not For Profit, Tax, Uncategorized
As a non-profit organization, you may be used to the idea that most of the income you generate through your organization’s activities is exempt from tax. But as every accountant knows, when it comes to the tax law, there are always exceptions to every exception and exemptions from every exemption. Or should we say exceptions to every exemption. Anyway, you get my meaning. In the case of non-profit organizations one of those exceptions to the general rule of tax exemption is something called “Unrelated Business Taxable Income”. Nonprofit boards and management should be aware that it is out there and that it might be applicable to their organization depending on the kind of activities it carries out. First, let’s get clear on a couple of acronyms that might otherwise be…
Read More
05Mar 2014 by Fred Crooks
Principle 4: “Whistle-blower” Policy

Principle 4: “Whistle-blower” Policy

Non Profit Principles: Steering You in the Right Direction
It is vital to have a policy in place to protect those individuals who come forward with information regarding unlawful practices or violations of organizational policies. The “whistle-blower” policy should implement specifics values to protect both the company and the individual bringing information forth. Certain laws are in place to protect those who provide valuable information about the organizations that have unethical activities. CORE CONCEPTS -Each organization should have a confidential process for addressing all complaints or reports of supposed illegal or unethical activities. -Staff and volunteers need to feel safe to report unacceptable acts. -Retaliation against whistleblowers can be a criminal act that applies to all organizations. -Appropriate internal controls can help alleviate the occurrence of unacceptable acts. LEGAL AND COMPLIANCE ISSUES -The Sarbanes- Oxley Act (SOX), Section 1107,…
Read More