Nonprofit Advisor

Join us for this informative presentation about the ERC payroll tax credits that can be worth hundreds of thousands of dollars to your organization AND help qualified nonprofits keep their employees and organizations running during this pandemic. Register HERE.   A confirmation email will be sent to you shortly after receiving your registration. For questions, […]

One of the benefits of a qualified Section 403(b) retirement plan is that elective deferrals are not subject to nondiscrimination testing. All employer contributions, on the other hand, must demonstrate that contributions do not discriminate in favor of highly compensated employees (HCE). To test for nondiscrimination, contributions or benefits (divided into pay) of the highly […]

Charitable giving plays a key role in year-end tax planning for individuals and businesses. Nonprofits that are eligible to receive tax-deductible contributions should timely substantiate the donor’s tax deduction by completing the correct disclosure procedure. Upon receipt of noncash contributions, nonprofits should consider these six compliance requirements and disclose charitable contributions accordingly.  1.  Provide a […]

Nonprofits often have contributions to the mission of the organization, which could include accounting and legal services, IT, fundraising events, and even volunteering for program or administrative activities within the organization. Recently, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for […]

Terminating a 403(b) plan has historically been challenging for plans utilizing individual contracts. In order for a 403(b) plan (or any 401(a) or 457(b) plan) to be terminated, accumulated benefits under the plan must be distributed to participants and beneficiaries. However, because 403(b) plans are typically funded either by individual or group annuity contracts and […]