Archive
Alternative investment strategies for NFP organizations
Many not-for-profit organizations are looking for ways to diversify their investment portfolios and improve returns on their investments. Organizations have sought to offset the effects of the financial markets over the past few years and have attempted to compensate for… View More
Ohio’s jobs plan
State and local economic development officials are counting on a private entity that will take over the state’s job creation tasks formerly performed by the Department of Development. State officials met last month to outline the role of JobsOhio, a non-profit… View More
Preventing Lawsuits: Make sure volunteers are covered
With an increase in general litigation, non-profits need to follow the example of commercial enterprises and adopt a risk-management program, with a particular focus on employment practices liability. According to a recent study, more than 80 percent of the claims… View More
Has Your Organization Lost Its Tax Exempt Status?
The Internal Revenue Service announced that approximately 275,000 organizations under the law have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years of 2007, 2008 and 2009. In an effort to… View More
Whistleblowing: There’s a Site for That
The IRS has created a site that allows individuals to anonymously report anyone who is cheating on their taxes. Taxsqueal.com allows individuals to report on anyone who they believe are cheating on their taxes without reveling thier idenity. The downside… View More
Tax Modifications for Not-for-Profits
There have been many recent changes regarding tax provision to almost every industry – not-for-profits included. As a not-for-profit company, you need to be aware of current as well as expected changes as you prepare for the upcoming year. Listed… View More
Phase 3 of New Reporting Regulations
Background: Back in 2006, the Federal Funding Accountability and Transparency Act (FFATA) was established. The Act required that federal awards be reported. A prime grant or contract awardee is required to report its award along with any sub-grants or sub-contracts…. View More
Excess Benefits Penalties for Non-Profits
If the IRS determines that a top official from a tax-exempt organization engaged in a transaction and received an unfair benefit given his position, both the organization and the individual face penalties. While the idea behind the penalties is nothing… View More
IRA Charitable Rollover Extension
The IRA Charitable Rollover program has been reinstated in 2011 through the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Individuals aged 701/2 and older are able to donate up to $100,000 from their IRAs to public… View More
Obama Tax Deal Passes
The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved by the Senate on Wednesday, and passed the House Thursday, December 16, 2010, on a 277 to 148 vote. The Tax Relief, Unemployment Insurance Reauthorization, and… View More
