According to the IRS, nonprofits must give donors written confirmation of their contributions. If incorrect information about the tax deductibility of the gift is given, you risk experiencing the wrath of the IRS on the donor as well as your organization. Donors must keep track of all their donations regardless of the amount. For donations under $250, something
Read more →How can nonprofits make sure that there are actually informed donors out there when only 30% of donors actually research about the organization they support? Bob Ottenhoff, president and CEO of GuideStar, and Greg Ulrich, director at Hope Consulting, suggest three ways that will better promote informed giving: 1) Focus on common sectors that donors generally tend
Read more →We have always known the importance of communication. Only through communication can a connection be formed between two strangers. Only through engagement in communication can strong and meaningful connections be developed. What better way to involve another person than story sharing? Thaler Pekar, frequent guest lecturer at Columbia University Graduate Program in Strategic Communications, discusses the difference
Read more →Our sixth anniversary event this week was fantastic! Our clients, our partners and and the team of Nonprofit Suite found common ground through Jeanne Bell’s presentation on creating sustainable nonprofit organizations. Jeanne Bell, the CEO of Compasspoint Nonprofit Services based in San Francisco, was both thought-provoking and insightful. Her most recent book, “Nonprofit Sustainability: Making Strategic Decisions
Read more →We have spent the last six years taking care of the accounting for nonprofit organizations. To celebrate our anniversary, Nonprofit Suite is honoring clients with a special Client Appreciation event. Jeanne Bell, CEO of CompassPoint Nonprofit Services, and one of the nation’s leaders in nonprofit finance, strategy, and leadership, will speak to our clients and share her
Read more →A Fixed Asset is created when you purchase or acquire through donation equipment, land, building, vehicles, furniture or other assets that have a useful life of more than one year AND cost more than a certain predetermined dollar amount. A Fixed Asset is most often a tangible, physical thing that cannot be easily converted to cash and
Read more →You may not know this, but we accountant-types think numbers are fascinating! They are interesting and multi-faceted; they tell a story, many stories. It is easy for me and my team of accountant-types to get completely absorbed in our fascination with numbers. The closer we get to a number, the more fascinated we are. Well, our fascination
Read more →One of the biggest challenges for nonprofit organization is the constant attention that must be paid to cash flow. The contributions, especially grant awards, arrive as a large amount of cash that must be used sparingly over a period of several months until the next grant award is received. So the answer is, of course, not to let
Read more →The most common mistake I see are cost allocation models happens in how an organization assigns time and effort to Management & General. In particular, I see a lot of organization automatically assign 100% of the Executive Director (ED) to the M&G expense by virtue of their position. The IRS thinks of expenses for nonprofit organizations
Read more →I think there are three basic types of budgets. I’m not talking about whether you use a zero-based budget approach or some other academic method to build your annual budget – all of which are completely legitimate tools. I’m talking about how you position your budget in the life of your organization. What does your budget-type say
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