Nonprofit News

During COVID-19, Focus Your Nonprofit on Three Areas

Monitor These 3 Things as Your Nonprofit’s Priorities Change during COVID-19 Several months into the COVID-19 crisis, most not-for-profit organizations have formulated at least a temporary plan for sustaining operations. But short-term solutions should be complemented by long-term strategic planning that reprioritizes objectives. Specifically, your nonprofit needs to focus on three areas: social impact, economic…

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Watch for UBIT When Your Nonprofit Pursues New Activities

Watch for UBIT When Your Nonprofit Pursues New Activities During these financially challenging times, many not-for-profit organizations have had to get creative to raise adequate revenue to sustain operations. But new activities, however well-intentioned, can lead to tax trouble. Your nonprofit risks exposure to the unrelated business income tax (UBIT) if it operates outside its…

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FASB Offers Reprieve from Updated Lease and Revenue Recognition Rules

FASB Offers Reprieve from Updated Lease and Revenue Recognition Rules If you’re feeling burned out from coping with extreme circumstances brought on by the COVID-19 pandemic, you’re not alone. Fortunately, the Financial Accounting Standards Board (FASB) and Congress are offering some compliance-related relief for certain entities. Deferral of Revenue Recognition Rules Let’s start with Accounting…

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7 CARES Act Benefits for Nonprofits

7 CARES Act Benefits for Nonprofits The recent Coronavirus Aid, Relief, and Economic Security” (CARES) Act provides relief to employers struggling to stay afloat during the novel coronavirus (COVID-19) pandemic. The not-for-profit sector is no exception. In fact, some provisions in the new law are specifically tied to charities. Following is a brief summary of…

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Nonprofit Tax Law Changes

3 Tax Law Changes Affecting Nonprofits The Taxpayer Certainty and Disaster Tax Relief Act passed late last year includes three significant tax law changes that can affect not-for-profit organizations. They deserve your attention now because the law’s provisions may affect the current tax year — and even previous tax years. Following are brief summaries of…

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