Nonprofit Newsletter Fall 2015

In this edition:

How Effective is Your Board Meeting Agenda?

By Dmitry Volfson, HoganTaylor Assurance Manager

On September 1, 2015, I officially became President of the Board for Tulsa CARES (nonprofit focused on care for individuals impacted with HIV/AIDS). In a multi-part series, I will address common challenges experienced by various nonprofit organizations that we work with on a daily basis. In part I of the series, I will address the importance of creating an effective board meeting agenda. Read more

The F Word: Fraud

By Jack Murray, HoganTaylor Assurance Partner and Nonprofit Practice Lead

Theft of assets, payroll and purchasing schemes and financial statement fraud – three very different types of fraud that nonprofits must have the internal controls to prevent, or detect and correct. Behind each of these types of fraud, there is a human element. Read more

Proposed Regulation to Allow for Exempt Organization to Use Information Returns for Donee Reporting

By Ashley Cooper, HoganTaylor Tax Manager

The Internal Revenue Service has issued Proposed Regulation 1.170A-13 that would implement the Code Section 170(f)(8)(D) exception to the “contemporaneous written acknowledgement” requirement for substantiating charitable contribution deduction of $250 or more. Code Section 170(f)(8)(D) provides for an exemption to the contemporaneous written acknowledgement if the organization files a return that includes the same information that is required on the acknowledgement. Read more

IRS Focus on Unrelated Business Income Tax

By Paul Hartog, HoganTaylor Assurance Partner

Beginning with the redesigned 2008 Form 990, the IRS has six years of comprehensive information filed by many exempt organizations. Expect the IRS to use this information to assess the likelihood of non-compliance by organizations and allow more effective use of examination resources to focus on the reporting of unrelated business income (UBI). The agency is concerned that many nonprofits may be reporting losses related to these activities and thus may not be paying unrelated business income tax (UBIT). Read more

Factors to Highlight in Communicating Nonprofit Success

By John Cooper, HoganTaylor Assurance Senior Manager

Each nonprofit organization will face scrutiny from donors in the years to come. The donors will be looking for nonprofits who separate themselves and provide the maximum amount of value to the communities they serve. Layer on the added challenge of recruiting and retaining top talent, nonprofit organizations need to focus on two key factors to distinguish them from other organizations. Read more