Articles Tagged - Nonprofit

FASB Issues Update for Nonprofit Organizations

By Wiss, Posted in Not For Profit

By Vanessa Munoz In an effort to improve financial reporting for nonprofits, the Financial Accounting Standards Board (FASB) is implementing various changes.  Among these changes are how expenses are being reported.  Current Guidance When it comes to financial reporting, many nonprofit organizations are only required to provide expenses by their nature (i.e. salaries, travel, rent, etc.). However, voluntary health and welfare organizations are also required to present a statement of functional... read more.

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.

Wiss’ Trailblazing Female Figures: Celebrating National Women's History Month

By Wiss, Posted in Wiss Gets Personal

By: Danielle Patton The observance of National Women’s Equality Day not only celebrates the adoption of the 19th Amendment, but commemorates women’s remarkable and courageous efforts towards absolute equality in the workforce and all aspects of life. To honor this historic day, we would like to highlight Ugochi Oguh, an Audit Senior and inspiration leader at Wiss. Ugochi has a vast history of stimulating diversity and helping nonprofits conquer their financial and business challenges. After re... 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.

Tax Benefits of Charitable Giving

By Wiss, Posted in Tax Advantages

As the new year is set in motion and you tuck away holiday presents, you may have stumbled upon items that you rarely ever use. Instead of finding additional space for these objects, it can prove to be more beneficial—and profitable—to donate them! If you break down your deductions, a contribution to an eligible philanthropic group can award you a charitable contribution deduction against your income tax.  Normally, you can subtract up to half of your adjusted gross income, b... 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.

12 Days of Giving - Day 1: NJ Sharing Network

By Wiss, Posted in Wiss Gives Back

NJ Sharing Network is highlighted in Day 1 of the #12DaysofGiving Celebration. Wiss is proud to highlight this organization and their very caring and dedicated employees. The NJ Sharing Network is a non-profit, federally designated organ procurement organization. They are responsible for the recovery of organs and tissue for the nearly 5,000 New Jersey residents currently awaiting transplantation. Additionally, they are also part of the national recovery system, which is in place for the more than 120,000... read more.

Building a Future for Families: Wiss' Recap of Habitat for Humanity Build Day

By Wiss, Posted in Wiss Gives Back

By Abby Blecker, Former Marketing Intern Wiss employees gathered in Morristown on July 1st to volunteer for the Habitat for Humanity of Morris County. Habitat is a nonprofit that provides homes with interest free mortgages for qualifying families, where the land is bought from the city at extremely low costs, and most of the materials used for each house are donated.  Homeowners embrace the Habitat process, especially their “sweat equity” concept, which requires homeowners to help build th... read more.