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Nonprofit Newsletter Winter 2016

In this edition:

Prudent Roles of Committee Members within a Board

By: Dmitry Volfson, HoganTaylor Assurance Senior Manager

In the Fall 2015 nonprofit newsletter, I addressed the importance of creating an effective board meeting agenda to further engage your board members. As you fine tune your board meeting agenda on specific task basis, it will be prudent to assign responsibilities to committee chairs to execute those tasks. In Part II of this series, we will discuss the importance of committees and how to ensure follow through from each committee chair. Read more

Appealing to Millennial Donors

By Crystal Stasyszen, HoganTaylor Tax Staff

As the largest living and most digitally connected generation, Millennials can offer a broad range of support to nonprofits. In addition to monetary donations, Millennials want to offer their time, knowledge, experience, and networking skills. The best way to attract donations from Millennials is to use the communication platforms that they are comfortable with. Read more

Endowment and Foundation Investment Return in Today’s Volatile Investment Environment

By Kristen Derryberry, Assurance Manager

The stock market has seen unpredictable and vigorous changes in prices and therefore returns in the past 10 years. It is necessary for some movement within the market in order to sell commodities, however a volatile market represents the most risk to investors. Read more

IRS Drops Proposed Regulation for Donee Reporting

By Ashley Cooper, HoganTaylor Tax Manager

The IRS has dropped the proposed regulations that established new information return reporting to substantiate charitable gifts over $250, which would include the donor’s social security numbers. After the IRS received over 38,000 comments by the December 16th deadline, it was clear that this proposed regulation’s original intentions backfired. Read more

Penalty Relief for Educational Institutions

By Ashley Cooper, HoganTaylor Tax Manager

The penalties under Internal Revenue Code Section (IRC) 6721 or 6722 will not be assessed against eligible educational institutions required to file Form 1098-T for 2015, solely because they fail to include a student’s correct Taxpayer Identification Number (TIN). Read more

Presentation of Financial Statements of Nonprofit Entities Update

By Jack Murray, HoganTaylor Lead Nonprofit Partner

The Financial Accounting Standards Board (FASB) met on Friday December 11, 2015, to discuss certain topics of the proposed FASB Accounting Standards Update. The Comment Period for the Exposure Draft that was issued in April of 2015 ended in October of 2015. FASB received a significant amount of comments, and the staff has been reviewing the comments in order for the FASB to deliberate revisions to the Exposure Draft. Read more

Substantiating Your Donor’s Charitable Contributions

By Jennie Compton, HoganTaylor Tax Senior Manager

Many charitable organizations described in IRS code section 501(c)(3) are eligible to receive tax deductible contributions. Two situations will initiate a charity’s written disclosure to donors. Read more

Why Nonprofits Need to Measure and Monitor Program Impact and Outcomes

By Katie Seal, HoganTaylor Assurance Senior

Due to the increased stringent regulations and government scrutiny around tax-exempt status and grant compliance as well as intense competition for funding, organizations of all kinds are realizing the need to implement strong measurement and monitoring of their programs. Here is a closer look into four specific reasons as to why nonprofits should enhance their measurement and monitoring. Read more