Recent News & Blog / Nonprofit
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.
Nonprofits: Using the personal touch for last-minute fundraising
As 2023 hurtles toward Dec. 31, your not-for-profit probably is fully engrossed in last-minute fundraising. One of the most effective year-end strategies is to have board members reach out to family, friends and professional contacts. Board members should “humanize” their request with personal stories illustrating why they support your nonprofit’s mission. Contact the CPA's and business tax advisors at SEK with questions about fundraising and other tax tips.
Nonprofits: Consider these 2 issues before searching for new staffers
Despite many predictions to the contrary, U.S. employers have continued to add workers to their payrolls and the unemployment rate has remained low. Is your nonprofit among the employers that need new staffers? To make the right decision, conduct a human resources assessment. Our CPA's and business tax advisors can help your nonprofit by reviewing your finances and suggesting ways to free up cash. Contact us today for all more tax tips and financial advice.
Why your nonprofit shouldn’t operate like a for-profit business
Even nonprofits that generally play it safe can get tripped up by the commerciality doctrine. It was created to address concerns about nonprofits competing at an unfair tax advantage with for-profits. With the exemptions and other technicalities, it can be tricky to remain compliant. Contact the CPA's and business tax advisors at SEK to help navigate you through nonprofit tax, tax tips and other financial advice.
When do 501(c)(6) organizations risk their exempt status?
Not-for-profit trade associations are organized to promote the common interests of their members. But to maintain their 501(c)(6) tax-exempt status, they must observe certain rules. The CPAs and business tax advisors at SEK can help you navigate this process.
Nonprofits: Best practices for effective board meeting minutes
If you think the recorded minutes of your nonprofit’s board meetings are just a formality, think again. Meeting minutes can become critical documents if, for example, your organization is audited by the IRS or your directors are sued due to a board decision.