OK, it’s not actually fun. Much to the chagrin of nonprofit leaders, tax-exempt does not mean filing-exempt. Most nonprofit organizations must file Form 990, which is due to the IRS by the 15th day of the 5th month after the close of each fiscal year. A few church-affiliated organizations can escape this annual requirement by applying for an exemption. For everyone else, the best approach is to understand the reporting rules and adopt an organized approach.Read More »
Halt, Buzas & Powell is proud to celebrate its 50th birthday in 2019! We’ve been honored to partner with dozens of wonderful nonprofits over our five decades in business, learning from them even as we help them grow and thrive. As part of our Focus on 50 anniversary celebration, we’re sharing a few of the insights we’ve gathered over the years, beginning with strategies to help nonprofits optimize relations with their boards of directors.Read More »
It’s human nature to grow overwhelmed and stressed during a busy period at work. While diving blindly into a project with little preparation may seem like the most feasible way to check items off your to-do list, this often fails to pay off in the long run. Instead, try thinking strategically about your goals and how you will achieve them practically. This approach may take more time in the immediate sense, but tackling your goals this way can save you hours down the road.Read More »
After the overindulgence of Thanksgiving and the Black Friday frenzy of consumerism that follows, turning our focus to how we can help others feels especially rewarding. November 27, 2018, marks the celebration of Giving Tuesday, a relatively new but widely enjoyed annual event. As a committed partner of the non-profit community, HBP invites all of our friends and clients to join us in making a difference this year.
With the Accounting Standards Update issued by the Financial Accounting Standards Board (FASB) in 2016 came a host of new financial reporting requirements and changes that impact nonprofit organizations. ASU 2016-14, as the update is officially titled, makes a wide variety of changes to financial statements and requires additional disclosures regarding functional expense reporting; net assets and endowments; and liquidity and availability of assets.
Nonprofit leaders must prepare for change as they approach their annual accounting and fulfill their disclosure responsibilities. In August of 2016 the Financial Standards Accounting Board (FASB) released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit (NFP) Entities.
In August of 2016, the Financial Accounting Standards Board (FASB) released a broad update of accounting standards that will change the way nonprofit organizations report and present their financial data. Formally titled Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14), the update addresses multiple aspects of financial reporting. Not-for-profits (NFPs) will make the most significant reporting changes in the areas of functional expenses; treatment of net assets and endowments; liquidity and availability of resources; and intermediate measures of operations.
When considering a charitable gift, prospective donors want to know how a nonprofit spends its money. While the information is accessible through publicly available financial statements, these documents can be difficult to wade through and interpret for a non-accountant. That’s why the Financial Standards Accounting Board (FASB) has established a new requirement for nonprofits to prepare expense statements in a form that helps donors easily grasp the relevant information: the schedule of functional expenses.
Tax season is here, baseball training is in full swing, hockey season is moving along, and March Madness is upon us. To me, this means our Halt, Buzas and Powell Spring Non-profit symposium is around the corner.
Read More »
We all know the budgeting process can be quite challenging and stressful for nonprofits. A budget will not only help you plan for the future, but also help to assess your current financial health. Organizations need to use various methods and strategies to determine how much revenue and expenses need to be collected and spent in order to achieve their short- and long-term goals as well as to maintain their daily operations. But fewer organizations than expected factor the unexpected into these projections or when discussing long-term goals. One of these goals should be the continued financial stability of the organization, and one way to achieve this is to implement a cash reserve policy.