As your nonprofit organization grows, the composition and responsibilities of your board of directors must evolve to meet changing needs. This article explores the stages of nonprofit development and how boards can adapt to these changes. From initial operations-focused boards to mature, strategic governance, understanding these shifts can help ensure your nonprofit’s long-term success and impact. Read the full article for a detailed guide on evolving your board effectively.
For not-for-profit organizations, attracting top talent can be challenging when competing with for-profit companies offering higher salaries. However, an enhanced benefits package can be a powerful tool in recruiting and retaining employees. This article explores various strategies to boost your benefits offerings without breaking the bank. Learn how competitive fringe benefits, cost-saving measures on traditional benefits, and alternative offerings can help your nonprofit stand out. Read the full article for detailed strategies.
Cross-training employees in nonprofit organizations can strengthen the entire team, increase productivity, and enhance internal controls. This article explores the benefits and strategies of cross-training to create a more resilient organization. Learn how cross-training can ensure staff can fill in for one another, bring fresh perspectives, reduce fraud risk, and enhance career development. Read the full article for detailed insights on implementing effective cross-training initiatives.
The IRS has proposed new regulations for donor-advised funds (DAFs) that aim to provide clarity for donors, sponsors, advisors, and charitable organizations. However, these proposals have sparked controversy within the DAF community. This article explores the key definitions, community concerns, and unaddressed issues in the proposed regulations. Learn how these changes could impact the management and distribution of DAFs. Read the full article for a detailed analysis.
Private foundations must avoid self-dealing transactions to comply with IRS regulations and avoid severe penalties. This article explains what constitutes self-dealing, who qualifies as a disqualified person, and the financial repercussions of violating these rules. Learn about the prohibited transactions, potential penalties, and some exceptions to the rules. Read the full article to ensure your foundation remains in compliance.
Nonprofits must understand and comply with quid pro quo arrangements to handle contributions properly. This article details IRS disclosure requirements, how to value goods and services provided to donors, and exceptions to reporting rules. Learn how to avoid penalties and ensure proper acknowledgment for contributions that involve benefits in return. Read the full article for detailed guidance.
What can IT service leaders learn from the the July 2024 CrowdStrike outage? What should you consider to best prepare for the future? RSM risk professionals weigh in.
With the IRS’s new audit initiative targeting the personal use of corporate jets, understanding how to allocate flight expenses between business and personal use has become crucial for compliance. Businesses must keep comprehensive records and use approved methods to calculate these expenses, ensuring they stay within IRS guidelines and avoid significant penalties.
Understanding the intricacies of IRA withdrawals is crucial for minimizing penalties and maximizing tax benefits. This article covers essential withdrawal rules for different age brackets, from early withdrawals before age 59 1/2 to required minimum distributions after age 73. It also highlights key considerations for heirs and the strategic timing of distributions to optimize tax outcomes.
Most homeowners look forward to making their last mortgage payment, but paying off your mortgage early comes with both benefits and potential drawbacks. It’s important to evaluate your cash flow, return on investment from other opportunities, and the loss of tax benefits associated with mortgage interest deductions.