Financial Fitness for Nonprofits
1. Information on nonprofit accounting principles and financial reporting | Top
Resources
Financial and Accounting Guide for Not-For-Profit Organizations, Sixth Edition
Malvern J. Gross Jr., Richard F. Larkin, John H. McCarthy
Copyright 2000 by John Wiley & Sons
The Complete Guide to Nonprofit Management, Second Edition
Smith, Bucklin & Associates, Inc.
Edited by Robert H. Wilbur
Copyright 2000 by John Wiley & Sons
Streetsmart Financial Basics for Nonprofit Managers
Thomas A. McLaughlin
Copyright 1995 by John Wiley & Sons
2. Information on Form 990 and UBTI | Top
The IRS Web site is an excellent, user-friendly site that provides a wide variety of information for nonprofits. On the IRS site, click on "Charities and Non-Profits" and choose one or more topics, such as forms/instructions, filing requirements, types of organizations, IRS publications and more. Publication 598 covers unrelated business income, intermediate sanctions, etc. In addition, use the site's search feature to locate unlisted topics.
For assistance in resolving more technical issues, contact the IRS Exempt Organization Unit, based in Cincinnati at (877) 829-5500. If you need assistance in understanding IRS Form 990, go to www.guidestar.org.
3. Sample accounting packages used by nonprofits | Top
4. Seminar providers on nonprofit topics | Top
- Religious Resources.org — Extensive listing of nonprofit and religious seminars, retreats and workshops.
- Lorman Education Services — Choose from popular seminars such as Tax Exempt Organizations, Religious Corporation Issues and Public Charities. Search by state to find upcoming nonprofit-related seminars scheduled to be held in your area.
- VSCPA.com — The Virginia Society of CPA's offers several seminars for nonprofits throughout the year.
- GWSCPA.com — The Greater Washington Society of CPA's offers several seminars for nonprofits throughout the year and extends its member discounts to members of the VSCPA.
- IRS — The IRS's Exempt Organizations is presenting free one-day workshops for small & mid-sized tax-exempt organizations around the country over the next six months. Check their Calendar of Events for locations and dates.
- Isoph Institute — Built on Isoph Blue technology, the Isoph Institute is where individuals serving nonprofits and socially focused organizations, whether as staff, board members or volunteers, can learn and collaborate.
5. Finding private foundation funding | Top
- The Foundation Center — In addition to lists of foundations, the site offers direct links to homepages of many foundations, where you can research additional information about a foundation, the types of funding that it does and its application requirements. Perhaps as valuable as the foundation lists/links are the other informational resources on the center's site. Included is an orientation to the fund raising process and some good summaries on how to go about writing a proposal to a private foundation.
- Office of Contract and Grant Administration — Listing of private funding agencies' Web sites.
- University of Vermont (Foundations and Corporate Sources page) — Links to grant-making private nonprofit foundations, corporate foundations, corporations and professional organizations.
- W.K. Kellogg Foundation — Tips for successful grantseeking as well as information on a book by Joel J. Orosz: The Insider's Guide to Grantmaking.
6. Planned giving and other fundraising resources | Top
- W.K. Kellogg Foundation — Tips for successful grantseeking as well as information on a book by Joel J. Orosz: The Insider's Guide to Grantmaking.
- The National Committee on Planned Giving® — Association for people whose work includes developing, marketing and administering charitable planned gifts.
- The Planned Giving Design Center (PGDC) — Helps charitable organizations create strategic alliances with legal, tax and financial services professionals in their communities who have the capacity to influence philanthropy.
- Planned Giving Resources — Assists charities in starting or expanding their planned giving program, with help in starting and/or improving a charitable gift annuity program, including compliance with state regulations, as well as developing, accepting, processing and managing a gift annuity fund.
- Nonprofits.org — Information regarding fundraising for nonprofits.
- Philanthropy Journal — Top sites for fundraising from Philanthropy Journal.
- Google — Selective directory of available online resources for nonprofits, including fundraising.
- Alliance for Nonprofit Management — The professional association of individuals and organizations devoted to improving the management and governance capacity of nonprofits and assist nonprofits in fulfilling their mission.
7. Risk management and insurance topics | Top
8. Pension and deferred compensation issues | Top
Networking with peer organizations about the pension providers they use is a good source of practical information. Pensions and deferred compensation is a highly technical area best left to those specializing in the area, but certain technical resources are as follows:
- Aspen Publishers (including Panel Publishers ) — Produces a variety of books and journals on pension issues, including The Pension Answer Book, 401K Answer Book, 403(b) Answer Book and 457 Answer Book.
- BenefitsLink.com — Pension issues.
- TIAA–CREF — Major provider of retirement plans to certain kinds of nonprofits.
- RIA — Web site of the Research Institute of America, which publishes numerous publications on all types of financial topics.
9. Banking and cash management | Top
- Association for Financial Professionals — Supports individuals in aspects of treasury and financial management. Formally the Treasury Management Association.
- Bank of America — Click on the corporate and institutional tab for examples of treasury management services.
- Suntrust — Click on the business solutions tab for examples of treasury management services.
- Rate.net — Updated quotes on CD and other bank rates from across the country.
10. Finding legal help | Top
- Nonprofit Resource Center — References on nonprofit legal issues.
- Nonprofitlaw.com — The Web site of an Alexandria attorney with discussion about various legal issues affecting nonprofit organizations.
- Management Assistance for Nonprofits — Free community resource to be shared and contributed to by users and readers across the world. The overall goal of the library is to provide leaders and managers (especially those with very limited resources) basic and practical information about business, management and organizations. Legal resource information is also included.
- Virginia Bar Association — Information from the Virginia Bar Association.
- Virginia Business — Click on the list of leaders and then click on law firms to get a listing of 25 leading law firms throughout the Commonwealth.
- Hurwit & Associates — Nonprofit Law — The online Nonprofit Law Resource Library contains information on dozens of nonprofit and foundation issues, including start-up issues, state filing and compliance, mergers and affiliations, charitable contributions and more. Hurwit & Associates provides comprehensive legal counsel to tax-exempt organizations throughout the U.S. and abroad.
11. Obtaining tax-exempt status | Top
- There are two forms that can be used to apply for tax-exempt status. IRS Form 1023 must be used by all 501(c)(3) organizations. All other 501(c) organizations must apply using Form 1024.
- Copies of these forms along with detailed instructions can be obtained at the IRS. Go to "Charities and Nonprofits" and then click Application Process. IRS Publication 557 also provides detailed information about obtaining tax-exempt status (also found on the IRS Web site).
12. Specific issues affecting churches | Top
13. Charitable registrations considerations | Top
14. Charitable gaming issues | Top
15. Employment tax issues | Top
- IRS Circular E — On-line version of the IRS Circular E , the Employer's Tax Guide providing the rules on employment taxes.
- Virginia Department of Taxation — Perform a search for information on Virginia unemployment taxes and withholding.
- IRS — Use search feature to find information on other employment tax issues or employee vs. independent contractor issues.
16. Sales and use tax considerations | Top
17. Federal funding compliance issues | Top
- OMB Circular A-110 — Web site containing OMB Circular A-110 which details the administrative requirements for nonprofits receiving federal grants.
- Chart on government grant requirements — Provided by the OMB, the chart details where each agency has codified its version of Circular A-110. In many cases the agency's version mirrors A-110 exactly, and in other cases there are some clarifications made by the specific agency.
- OMB Circular A-122 — Web site containing OMB Circular A-122, the cost principles for nonprofits receiving federal awards.
- OMB Circular A-133 — Web site containing OMB Circular A-133, audit requirements over federal grants.
- Thompson Publishing Group — Web site of the Thompson Publishing Group, Inc., which publishes various materials on federal grant compliance.
18. Responsibilities and liabilities of board members | Top
The Complete Guide to Nonprofit Management, Second Edition
Smith, Bucklin & Associates, Inc.
Edited by Robert H. Wilbur
Copyright 2000 by John Wiley & Sons
Streetsmart Financial Basics for Nonprofit Managers
Thomas A. McLaughlin
Copyright 1995 by John Wiley & Sons
19. Tax-exempt bond financing | Top
In certain cases, 501(c)( 3) entities can finance buildings or other equipment through tax-exempt bonds. Any organization considering this option should consult with legal counsel or other advisors to see if they qualify to issue the bonds, and for advice in structuring the financing. Nonprofits should contact their legal counsel and banking institution to see what experience they have with tax-exempt bonds or who they would recommend to provide assistance.
- WoodsRogers.com — An article from the Roanoke law firm of Woods, Rogers & Hazlegrove on some of the basics of tax-exempt financing.
- Filing requirements for tax–exempt bond issuers
- IRS — General IRS site has information on many topics. Search for tax-exempt bonds to see other resources on this topic provided by the IRS.
20. Intermediate sanctions and compensation resources | Top
21. Making public disclosures | Top
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