Navigating the world of non-profit audits can feel overwhelming — especially for organizations focused on their mission rather than financial procedures and compliance. But understanding audit requirements and best practices is critical for maintaining transparency, accountability and donor trust. During our 30+ years as non-profit auditors, we’ve seen nearly every situation under the sun, and […]
Nonprofits
4 Reasons Your Nonprofit Needs an External Auditor
How are you handling your nonprofit’s audits? Internal audits are a great way to promote fiscal responsibility, but they’re not always the most reliable. Because the auditor is an employee of the organization with a vested interest, it can be challenging to conduct a neutral analysis. An external auditor, on the other hand, has no […]
6 Tips to Maintain Your Nonprofit’s Tax-exempt Status
Once you’ve completed the process of securing your nonprofit’s tax-exempt status, the last thing you want to do is lose it. If you lead a 501(c)(3) organization, be sure to familiarize yourself with the IRS’s tax-exempt rules and prohibited activities to keep your status in good standing. 1. Political campaigning. 501(c)(3) nonprofits are banned from […]
Charitable Donations: Recouping Tax Savings for Your Time and Services
Donating to charities is a noble way to support causes that are close to your heart. But if your contributions begin and end with writing a check, you may be missing out on some satisfying volunteer opportunities — and a few tax deductions. IRS rules allow you a number of tax breaks for contributions other […]
Managing Business Expenses: What You’re Not Doing Can Cost You
Increasing your profits requires selling more and/or spending less. While building up your sales may require an extended effort — especially given the current economic climate — business costs are often very ripe for a quick trimming. Here are some possibilities to consider to help maintain profitability: Supplies and other purchases In any business, […]
Traveling for Business and Pleasure: What’s Deductible?
Business owners who travel out of town on business may choose to extend their trips and take a little time to relax and see the sights. When a trip is partly for business and partly for pleasure, various expenses may still be deductible. Domestic travel A self-employed individual whose trip is primarily for business may […]