Recent News & Blog / Nonprofit
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.
Nonprofit refresher course: Excess benefit transactions
To understand the need for nonprofits to avoid excess benefit transactions, it helps to also comprehend the concept of private inurement. If any net earnings inure to the private benefit of an individual, the IRS won’t view your nonprofit as operating primarily to further its tax-exempt purpose. But you must be able to prove transactions were made with your tax-exempt purpose in mind. Contact the CPAs and business advisors at SEK for more information.
How your board should evolve over your nonprofit’s life
A board of directors is critical to keeping a not-for-profit focused over the years as it grows. But how do nonprofit boards change over time? In part, it depends on the organization and its mission. Its life stage will also help determine your board’s priorities, responsibilities and composition. Contact the business advisors at SEK for help with your nonprofit.
Nonprofit: Even a lower-cost benefits menu can help you attract talent
If your not-for-profit is recruiting new staffers, it can be difficult to overcome the widely held belief that nonprofits offer lower salaries than for-profit businesses. To entice candidates to give your organization a second look, consider enhancing your benefits menu. It doesn’t have to cost a lot. Talk to a benefits expert or contact the business advisors at SEK for more information.
Nonprofit: Cross-training initiatives can get your whole organization in shape
Elite athletes cross-train to promote full-body strength, enhance performance and reduce the risk of injury. Nonprofits that cross-train staffers on one another’s jobs can reap similar results. If your employees understand the basic functions of other positions, they can jump in and help out if someone goes on disability leave or there’s a work surge in a particular department. For more information, contact the CPAs and business advisors at SEK.