MLR

Category: Nonprofit

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

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This short article provides five tips to help nonprofits gather more, and more meaningful, feedback from their clients. Suggestions include “take full advantage of social media,” “don’t neglect the off-liners” and “show your appreciation.”

Helping donors understand the requirements and benefits of their gifts to a not-for-profit will help the organization strengthen those relationships. This article discusses the varying deductibility of different types of gifts — including cash, property and vehicles — and when fair market value can be applied.

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Nonprofit organizations have many board members who come from the business sector of their communities, and may not grasp the differences between nonprofit and for-profit financial reporting. This article provides some key aspects of how financial approaches and statements, particularly for assets and liabilities, differ.

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Training a new volunteer is time-consuming and costly, which is only one of many reasons why you want to hold on to your volunteers once you bring them into your organization.

One of the surprising changes under the Tax Cuts and Jobs Act (TCJA) is the treatment of transportation fringe benefits paid or incurred after December 31, 2017.  These benefits are no longer deductible for for-profit businesses and may result in unrelated business taxable income (UBTI) for nonprofit organizations.

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Nonprofits have traditionally relied on large donations from multiple sources in order to maintain their livelihood. In an effort to decrease their reliance on donations, some have opted to find other sources of financial assistance. One way they have sought financial freedom is by opening their own business, yet this is not fail-proof because the commerciality doctrine often negates federal tax-exempt status

For charitable companies, donations values and taxes are interrelated factors that shape the bottom line. Learn how the marketplace determines these values.

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Simple initiatives can make a big difference in how efficiently a nonprofit operates and delivers its programs and services. This article offers three ideas: 1) Monitor measures that matter; 2) orient your organization toward outcomes; and 3) engage entrepreneurial experts.

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Learning about nonprofit embezzlement cases empowers you to protect your organization from fraud. Visit us today for business accounting advice on embezzlement.

Audits have become more important due to increased public and government scrutiny of not-for-profit organizations, their management and their boards.