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
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
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 …
Foreign Qualification (conducting nonprofit business outside of your home state)
Qualification Process – to do business in state which is outside of incorporated state. 1. State level certificate of authority form. Usually filed with Secretary of State office. a. The form usually requires the basic info of the nonprofit entity – name, address, directors and officer names, purpose/mission, and certificate of good standing from home state. b. Filing fee usually …