Foreign Operations for a Domestic Nonprofit

Christian Shaeffer Exempt Non-Profit Organizations, Non Profit Exempt Organizations Leave a Comment

I’m sometimes asked if it’s legal for a domestic (US based) nonprofit organization (NPO) to conduct business and operations in a foreign county. The short answer is yes. That said, like most items relating to compliance and nonprofits, there are exceptions along with several important concepts and issues that need to be kept in mind. Read on to find out …

Don’t forget to file form 8282 if donated property is later sold!

Christian Shaeffer Non Profit Exempt Organizations Leave a Comment

Many non profit exempt organizations receive donated items of property from generous donors. It may be a piano, car, artwork, or other items valued at more than $500. if these items are later disposed of for consideration (sold for money), IRS form 8282 may be required. This form is used by the IRS to better track donated items in which …

FASB Financial Statement Project

Christian Shaeffer Non Profit Exempt Organizations, Uncategorized Leave a Comment

The new standards from the Financial Accounting Standards Board (FASB) will go into effect for annual financial statements issued for fiscal years beginning after Dec. 15, 2017, and for interim periods within fiscal years beginning after Dec. 15, 2018. It’s a good idea to plan now to ensure transactions are recorded correctly starting with the new year.  The new standards …

Raising Funds and Distinguishing between Program Service Revenue and Unrelated Business Income

Christian Shaeffer Non Profit Exempt Organizations, Uncategorized Leave a Comment

As you consider new and additional ways to fulfill your exempt purpose mission and raise funds for your nonprofit, you may have the opportunity to engage in an activity that is an exchange transaction and generates revenue (think store that sells product or service). If the activity is considered a Program Service, the revenue generated is exempt from income tax. …

Best Practices for Successful Non Profits

Christian Shaeffer Non Profit Exempt Organizations, Uncategorized Leave a Comment

As a nonprofit organization moves past the startup phase, cash flow begins to stabilize and Net Assets continue to grow, it’s important to keep an eye toward the future. Click Here to learn of some standard tools that can help guide a successfully maturing nonprofit organization. Financial Policies and Procedures (Internal Controls) As organizations grow and the number and volume …