Nonprofit Accounting - Don't Get Tripped Up by Form 990 Requirements

By Wiss, Posted in Not For Profit

By Linda Curro What’s in the price of a ticket?  For nonprofit organizations that hold fundraising events and for the people who attend them, the answer is more complicated than it might appear. It’s important to get special event reporting correct because Form 990 has specific lines on the Revenue Statement to report fundraising events. The ticket price of every event carries two components within it – the donation amount and the entertainment benefit. Whether it’s a dinner,... read more.

Employment Tax Filings for Nonprofits: How to Ensure Compliance with IRS Rules

By Wiss, Posted in Not For Profit

By Linda Curro Nonprofit organizations frequently form organically, in response to a need in the community. The people who establish and run them are usually concerned citizens and activists, passionate about the cause, but often less knowledgeable about the operational and financial aspects of running a nonprofit organization. However, it is critical for nonprofit leaders to understand business and finance, particularly when it comes to employment tax compliance. Failure to properly declare and file tax... read more.

Preparing for Change: New Rules to Impact NJ Renewal Registration for Nonprofits

By Wiss, Posted in Not For Profit

By Linda Curro Effective Jan. 1, 2017, New Jersey will require that all charity registrations and annual renewals be submitted digitally, using a new online filing system. In many ways, this is good news: A process that once required up to 75 pages of documents to be sent via snail mail will now go paperless, saving tons of waste. The new system also promises to streamline renewal reviews, enabling the state to more efficiently verify that the forms are completed and accurate. And in switching to online fi... read more.

New Guidance for Nonprofits: Be Aware of FASB's Changes in Nonprofit Reporting

By Wiss, Posted in Not For Profit

By Diana Miller Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements. To prepare, nonprofit organizations should familiarize themselves with the following developments: Phase 1 (effective for fiscal years beginning after December 15, 2017) - Improvemen... read more.

How to Get the Most Out of Your Nonprofit Board Experience

By Wiss, Posted in Not For Profit

By Diana Miller  Being asked to join the board of a nonprofit, whether it’s with a prestigious organization or one that’s relatively unknown, is an honor. Joining gives you the opportunity to do good for the arts, the underprivileged, the advancement of medicine or another worthy cause. And let’s be honest: It looks good on your resume, and the boardroom can be a great place to network. Saying yes to a board appointment is a no-brainer, right? While board membership is a great oppo... read more.

Are you Ready if the Not-for-Profit Financial Statement Standards Change?

By Wiss, Posted in Not For Profit

By Diana Miller  Changes are finally coming in the content and presentation of financial statements for not-for-profit entities for the first time in almost 20 years. Although nothing has yet been finalized, these fairly significant proposed changes could affect classification requirements, liquidity, financial performance and cash flow, according to the Financial Accounting Standards Board (FASB), the regulatory body that oversees these standards.  The package of proposed Accounting Standards U... read more.