The Benefits of Developing (and Updating) Policies and Procedures for Nonprofits

Thursday, August 24, 2017

Summer typically means time to enjoy activities like family vacations, beach trips, and backyard barbecues. However, for some people in the nonprofit accounting world, summer also means the closing out of the old fiscal year and preparing budgets for the upcoming fiscal year. Between the juggling of making year-end journal entries, getting prepared for the year-end […]

Elective Deferral Plans: 403(b) vs. 401(k)

Thursday, August 24, 2017

Since 1997, nonprofit entities have been able to establish either a 403(b) plan or a 401(k) plan for their employees. There are distinct differences between these two types of plans that employers should consider before deciding which plan is best suited for their organization. One distinct advantage 403(b) plans have over 401(k) programs is that employee salary deferral contributions […]

A Step-by-Step Guide to Forming an Exempt Organization

Thursday, August 24, 2017

Currently, there are over 1.5 million exempt organizations in the United States, with the Internal Revenue Service (IRS) granting exempt status to approximately 50,000 new organizations annually. This article focuses on the steps to create an exempt organization, particularly a §501(c)(3) public charity, which constitutes the great majority of all exempt organizations in the United States. […]

While Changing Little, Executive Order Highlights Rules on Political Speech by Exempt Organizations

Wednesday, May 10, 2017

President Trump, who promised in February to “totally destroy” the law prohibiting churches from engaging in campaign activities, signed an executive order May 5 instructing the IRS to not penalize any house of worship or religious organization for speaking about political issues from a religious perspective, where similar speech has not previously been considered campaign […]

Private Foundation Lessons from the Election

Wednesday, May 10, 2017

Private Foundations affiliated with certain political aspirants were a key point of criticism during the fall 2016 election cycle. A significant number of accusations arose from public inspection of the Forms 990 and 990-PF associated with these foundations. Windes derived several lessons for private foundations to take away from these political allegations. Lesson 1: Avoid […]