Recent News & Blog / Nonprofit
How to protect your nonprofit’s credit cards from misuse
Without a credit card use policy, you could have trouble responding satisfactorily if a staffer misuses your organization’s card. You may also have a hard time recovering funds lost as a result of improper charges. So it’s important to craft a policy explicitly stating that employees can’t use a work-issued card for personal expenses. Contact the CPAs and nonprofit advisors at SEK for help preventing fraud.
Are your nonprofit board meetings as focused as they could be?
Your nonprofit’s monthly board meetings may not be running as efficiently as possible. If that is true for you, you may want to consider planning agendas, assignments, and timetables. You may also want to consider following up with members after these meetings. Contact the nonprofit advisors at SEK for more information.
When your nonprofit’s debt-financed income is subject to tax
If your nonprofit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax (UBIT). However, income from debt-financed property typically is taxable. So it’s important to segregate income from such property and include it in UBIT calculations to help ensure you don’t trigger unwanted IRS attention. Contact the CPAs and nonprofit advisors at SEK for information.
Welcome charitable pledges for your nonprofit— and account for them properly
Because pledges are promises to contribute later, not immediate contributions, accounting for them can be challenging. Accounting for pledges’ future value can also require accounting staffers to apply a “discount” rate when reporting them. Contact the CPAs and business advisors at SEK for help with what can be a tricky process.
Fundamental differences between nonprofit and for-profit accounting
Your not-for-profit’s new board members and staffers may not necessarily know the differences between for-profit and nonprofit accounting systems, particularly if they come from a corporate background. Contact the advisors at SEK for help explaining nonprofit accounting concepts to your stakeholders.
Restricted gifts for your nonprofit: What to do when strings are attached
Restricted gifts to nonprofits require greater care than unrestricted ones. If a donor attaches strings to a gift, your staffers should follow procedures designed to ensure the restrictions are honored. Because of this you may need to decline some restricted gifts if they’ll be more trouble than they’re worth. Contact the CPAs and advisors at SEK to learn more.
Outsourcing HR tasks can help understaffed, overworked nonprofits
At one time, not-for-profit HR departments might have been responsible primarily for recruiting and hiring and occasionally for intervening in disciplinary matters. Today, HR generally also handles employee benefits, regulatory compliance, employee training, policy formulation and possibly payroll. Outsourcing part or all of your HR function can help with workloads and potentially lower costs. SEK can help recommend providers and provide other cost-cutting suggestions.
Making your nonprofit board retreat rejuvenating — and productive
Not-for-profit board members tend to be busy people. So even if your budget is tight, try to organize periodic retreats that enable members to clear their minds and focus on your organization’s most pressing issues. Make sure you write a thorough agenda and schedule adequate time for brainstorming, as well as breaks to have fun as a group. Contact the business advisors at SEK if you need more financial tips.
Nonprofits: Don’t let myths and self-doubt thwart your capital campaign plan
Don't let unfounded fears prevent your organization from pursuing its philanthropic goals. Just make sure you plan carefully, choose the right leaders and communicate your goals forcefully, and you can execute a rewarding capital campaign. Contact the CPAs and business advisors at SEK for help analyzing the financial aspects of a capital campaign.
Nonprofits: Planning an event? Don’t neglect sponsorships
To be financially fruitful, nonprofit events need adequate sponsorship to cover a portion of expenses. Whether you’re planning a gala, a conference or something else, start early to beat out competition for philanthropic dollars. Contact the CPAs and financial advisors at SEK with financial and tax questions about special event planning.