Recent News & Blog / Nonprofit
Nonprofits: Plan now to reimburse staffers, board members and volunteers
Even if your not-for-profit rarely needs to reimburse staffers, board members or volunteers, reimbursement requests almost certainly will come up. A reimbursement policy will make the process easier and reduce the risk of any disagreements. Contact the CPAs and business advisors at SEK for guidance on creating this policy.
Arm your nonprofit against financial threats
Whether it’s inflation, trouble finding staffers in a tight labor market or cybersecurity, nonprofit leaders have a lot to worry about. Even though the economy is generally healthy, there are big ways to strengthen your not-for-profit to help withstand future challenges. Contact the CPAs and business advisors at SEK with questions and for more tax tips.
6 ways nonprofit retirement plans are changing
The SECURE Act 2.0 includes many provisions affecting 403(b) retirement plans. Make sure your nonprofit is adhering to the rules and implementing optional enhancements where they make sense. Contact the CPAs and business advisors at SEK for the latest tips for your not for profit.
Internal hiring can help fill your nonprofit’s open job positions
For the past two years, the U.S. unemployment rate has remained below 4%. This is great news for jobseekers but it can make hiring for your not-for-profit challenging. Consider looking within. By promoting existing staffers, you can save on the costs of recruiting workers. Contact the CPA's and business advisors at SEK for tips on how to run your nonprofit.
Nonprofits: Encouraging charitable donors to include you in their estate plans
Planned, legacy or deferred gifts are often larger than current donations, so not-for-profits can’t afford to neglect pursuing them. Include information about planned gifts on your website and in promotional materials and emphasize the potential tax benefits. Contact the CPA's and business advisors at SEK with your financial questions and for more tips.
Nonprofits: 3 tips for making the financial statement auditing process smoother
Not-for-profits aren’t required to produce audited financial statements. But such statements are more likely to reassure stakeholders about your financial stability and generally will be required if you apply for a bank loan. Make the process easier by presenting your auditor with estimates and other requested documents. Contact the CPA's and business tax advisors at SEK for guidance with your not for profit or for more tax tips!
Nonprofits: Why uncertainty calls for a more flexible budget
When times are turbulent, your not-for-profit’s budget could end up falling short. Even if you’ve already made a fixed budget for 2024, consider taking a different approach in the future. Identify variable costs and revenues and the effect trigger events might have on them. Then reforecast items likely to differ substantially from your original estimates. Contact the CPA's and business advisors at SEK to answer your tax questions and for more tax tips.
Nonprofits: Got independent contractors? Get to know Form W-9
If your not-for-profit is shorthanded, you may decide to engage independent contractors to pick up some of the slack. Organizations need a completed Form W-9 for every nonemployee they pay for services. Contact the CPA's and business tax advisors at SEK for your tax questions and more tax tips and tax news.
Going global: How your nonprofit can navigate potential obstacles
Are you planning to make 2024 the year your not-for-profit ventures overseas? If you plan to solicit donations, recruit members, employ staffers or sell products in foreign countries, make sure you’ve analyzed potential tax and legal issues, at home and abroad. We can analyze your financials to help ensure the venture is feasible. Contact the CPA's and business advisors at SEK for tax guidance, tax tips and tax news!
Does your nonprofit owe tax on its sponsorships and advertising?
Sponsorship and advertising dollars can provide a real boost to your not-for-profit organization’s income.