Comprehensive Guide to Issues Facing Nonprofit Organizations
- Information on nonprofit accounting principles and financial reporting
- Information on Form 990 and UTBI
- Sample accounting packages used by nonprofits
- Seminar providers on nonprofit topics
- Finding private foundation funding
- Planned giving and other fund-raising resources
- Risk management and insurance topics
- Pension and deferred compensation issues
- Banking and cash management
- Finding legal help
- Obtaining tax-exempt status
- Specific issues affecting churches
- Charitable registrations considerations
- Charitable gaming issues
- Employment tax issues
- Sales and use tax considerations
- Federal funding compliance issues
- Responsibilities and liabilities of board members
- Tax-exempt bond financing
- Intermediate sanctions and compensation resources
- Making public disclosures
1. Information on nonprofit accounting principles and financial reporting | Top
Resources
"Financial and Accounting Guide for Not-For-Profit Organizations: 2007 Cumulative Supplement"
Malvern J. Gross Jr., Richard F. Larkin, John H. McCarthy
Copyright 2007 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" Second Edition
Thomas A. McLaughlin
Copyright 1995 by John Wiley & Sons
“Financial & Strategic Management for Nonprofit Organizations”
Bryce Herrington
Copyright 1999 by Jossey-Bass
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. Visit the Charities and Non-Profits section on the IRS site 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. The site also provides information on the new requirement for filing Form 990. Beginning in 2008, small tax-exempt organizations that previously were not required to file returns may be required to file an annual electronic notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ. Organizations that do not file the notice will lose their tax-exempt status. 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 further 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 list 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 CPAs offers several seminars for nonprofits throughout the year.
- GWSCPA.com — The Greater Washington Society of CPAs 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. 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 write a proposal to a private foundation.
- Office of Contract and Grant Administration — List of private funding agencies' Web sites
- 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 fund-raising resources | Top
- W.K. Kellogg Foundation — Tips for successful grantseeking as well as information on a book by 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
- 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
- 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
- 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.
- Nonprofit Resource Center — References on nonprofit legal issues
- Nonprofitlaw.com — The Web site of an Alexandria, Virginia 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
- Virginia Business Magazine — Click on the list of leaders and then click on law firms to get a list of 25 leading law firms throughout the Commonwealth.
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. Visit the Charities and Nonprofits Section of the IRS Web site and then click Application Process. IRS Publication 557 also provides detailed information about obtaining tax-exempt status.
12. Specific issues affecting churches | Top
13. Charitable registrations considerations | Top
These are all excellent sites with links to other sites for charitable registration requirements:
14. Charitable gaming issues | Top
15. Employment tax issues | Top
- IRS — Use search feature to find information on other employment tax issues or employee vs. independent contractor issues
- IRS Circular E — Online 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
16. Sales and use tax considerations | Top
17. Federal funding compliance issues | Top
- 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-110 — Administrative requirements for nonprofits receiving federal grants
- OMB Circular A-122 — Cost principles for nonprofits receiving federal awards
- OMB Circular A-133 — Audit requirements over federal grants
18. Responsibilities and liabilities of board members | Top
19. Tax-exempt bond financing | Top
In certain cases, 501(c)(3) organizations 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.
- 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.
- IRS filing requirements (.PDF) for tax-exempt bond issuers
20. Intermediate sanctions and compensation resources | Top
- Center for Excellence in Nonprofits — Provides the nonprofit community with programs in leadership development, systemic change, continuous improvement and best practices
- Nonprofit Federation — Advocates for nonprofits in postal, regulatory, legislative and accountability issues
- The Nonprofit Times — Features articles covering current events and trends of interest to nonprofit executive managers
21. Making public disclosures | Top
This guide was last updated in September 2007. Permission to duplicate this guide may be obtained from the Virginia Society of CPAs, P.O. Box 4620, Glen Allen, VA 23058-4620, (804) 270-5344 or communications@vscpa.com.
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