News
Non-Profit News
Direct Mail Costs - Program or Fundraising? Click to view more
Are you mailing out your year-end giving letters soon? Many nonprofits send out a mailing around the holidays to help promote year-end giving. Often, these letters include both a program message and a fundraising appeal.
Employer-Provided Cell Phones – Updated Guidelines Click to view more
In May, 2011, we issued the article, “Employer-Provided Cell Phones – What’s the Latest?” describing the existing IRS guidelines related to employer-provided cell phones and the practical implications. At the time, the guidelines were somewhat unclear.
Your Website: Asset or Expense? Click to view more
Websites are fast becoming the major means of communication between nonprofit organizations and their members, beneficiaries, contributors and other stakeholders. Nonprofits use them to register members, receive contributions, complete grant applications and disseminate information about their activities.
The Charity Scorecard Click to view more
As a charity, your organization is constantly evaluated; by the IRS, and by donors and grantors. The IRS reviews key areas of your Form 990 to determine whether you are complying with the Internal Revenue Code. It’s important to meet these standards to keep your organization’s tax exempt and public charity status.
Nonprofit Compensation and the IRS Click to view more
Compensation is always a topic of interest to the IRS, even more than usual during 2011. The Tax Exempt and Governmental Entities Division of the IRS has included compensation in its 2011 Workplan as a result of its reviews of Forms 990 filed in prior years.
Accounting for Leases - Major changes proposed Click to view more
A new accounting standard involving lease agreements proposed by the Financial Accounting Standards Board (FASB) will affect the financial statements and budgeted projections of all non-profit entities possibly as early as next year.
Senate Repeals 1099 Provisions Click to view more
On April 5, 2011 after a month‐long battle, the Senate voted to repeal the expanded Form 1099 tax‐reporting requirements in the Health Care Act.
Employer Provided Cell Phones Click to view more
Less than 20 years ago, cell phones were a luxury afforded only to the highest level of executives. However clunky those phones might seem now, even clunkier was the IRS guidance on how companies (and the chosen employees) were to account for these benefits.
Board Member Review of Form 990 Click to view more
Serving on the Board of a nonprofit organization has always involved financial responsibilities including approving budgets, investigating operating variances and making tough funding decisions.
Foreign Offices Click to view more
If your non‐profit organization has foreign offices, control over their accounting functions may at best seem like an inefficient logistical hassle, and at worst may seem like an ineffective, costly, time consuming venture.
Preparing for IRS Focus on Trade Associations Click to view more
In its 2011 Workplan, the IRS announced that it plans to increase its focus on section 501(c)(4), (5) and (6) organizations in three main areas. The IRS Exempt Organizations Division plans to select associations at random to examine the areas of: the requirements for tax exemption, political activity, and private inurement.
Three Keys to a Successful Audit Click to view more
For many nonprofit organizations the thought of the annual audit brings to mind images of late nights, stress and annoying auditors. It’s enough to make you skip the whole process. It doesn’t have to be that way. Any organization, no matter how small, can have a successful audit while minimizing the associated aggravation. Achieving this success involves three key steps: preparation, communication and review.
RAFFLES—The Right Way Click to view more
Raffles are gaining popularity for nonprofit fundraising. Often combined with a gala or other big event, raffles are accessible and fun. In a tight economy, attendees might hesitate to bid on a big auction item, but almost everyone can afford a raffle ticket. While everyone likes a nonprofit raffle, many nonprofits don’t realize the registration and reporting that raffles require.
Lobbying by 501(c)(3) Nonprofit Organizations (January, 2011) Download the article 
When we hear the word lobbying, we picture lobbyists representing a national organization, contacting members of congress to discuss an upcoming bill that affects their industry. However, organizations who do not engage in lobbying very often may be unsure about whether some of their actions represent lobbying, and whether they are allowed to lobby. Consider the CEO of a social services organization who addresses City Council during budget hearings to request continued funding for his or her cause. What about the organization that urges its supporters to contact their State Delegates and tell them to support an upcoming bill? These organizations might be surprised to hear that their actions represent lobbying, and that too much lobbying could lead to substantial penalties or even cost them their tax exempt status.
Finance Vs. Audit Committee - Should there be a difference? (January, 2011) Download the article
In many small, and some not so small, nonprofit organizations, there is one committee that is tasked with all financial responsibilities—the Finance Committee. The mission of the Finance Committee can range from developing and overseeing the budget to reviewing the organization’s Form 990. Somewhere in this lengthy list of responsibilities is oversight of the audit. But, is this laundry list approach really the best way to satisfy the Board’s financial fiduciary responsibilities?
Are your Assets Protected?(December, 2010) Download the article
Today’s New Processes Bypass Old Controls Association professionals know all about internal controls. Over the past few years, many association execs have fine tuned their internal control systems to strengthen accountability and oversight. Their systems rely on specific checks and balances, such as check signing and lock boxes, to keep the organization’s assets safe from fraud...(more)
One Time Relief for Small Organizations at Risk of Losing Exempt Status (September 7, 2010)
The IRS is asking for help to prevent small tax-exempt organizations from losing their tax exemption. Until 2007, tax-exempt organizations with gross receipts less than $25,000 were not required to file Form 990 or Form 990EZ. For 2007, the IRS began requiring small nonprofits with gross receipts less than $25,000 to file an electronic postcard, Form 990N annually. Organizations that fail to file form 990N for three consecutive years automatically lose their tax-exempt status. More than 300,000 organizations are now at risk of losing their tax exemption because the IRS has no record of their filing for 2007, 2008 or 2009. The IRS is providing one-time relief to allow small tax-exempt organizations to come back into compliance by October 15, 2010, and retain their tax-exempt status even though they failed to file for three consecutive years. The IRS has published a list of the organizations at risk of losing their exemption for non-filing and asks all volunteers, members and friends of small nonprofits to check the list. If you find that your organization is at risk of losing its exemption, please alert the organization and encourage it to go to www.irs.gov to find out how the organization can come back into compliance today.
Renner and Company presents successful Non-Profit Seminar (July 22, 2010)
More than 40 nonprofit professionals attended the Renner and Company Non-Profit Seminar Thursday, July 22nd at the Hotel Monaco to hear about the following important nonprofit topics:
- “The Health Care Act – 10 ways it will affect nonprofits”, presented byRenner and Company Senior Managers, Rima Ghanem, CPA and Karen Urcia,
- “Vendor Contracts - “Who Can I Blame When Things Go Wrong”, presented by Robert J. Weil, Esq. from the Law Offices of Robert J. Weil, and
- “Acing Your Audit – the ABCs of a positive audit”presented by Renner and Company Shareholder, Joan M. Renner, CPA.