Finance
The ChallengeShortly after AMR began working with a new healthcare client, AMR staff had questions about the accounting principles that had been applied to one of its programs that was separate from the association and co-owned with another organization. After presenting concerns to the Board of Directors, an audit of this program was conducted and…
We are living in a world today where financial information is open to the public. Even small fraudulent transactions could be tweeted or shared in the public space, which can damage the reputation of nonprofit organizations. In order to assure that the financials of nonprofit organizations are reliable and healthy, forming an audit committee is…
We’ve heard much about fraud and embezzlement in the news headlines of recent years, in a time of much economic instability and uncertainty. How is your organization managing? How about your employees and trusted volunteers? Many schemes of fraud and embezzlement are carried out by a person you would least expect, someone above suspicion. The reality is…
Click here for an updated version of this article, with more complete information. Thinking of starting a new, nonprofit, tax-exempt organization? Trying to decide whether to organize as a 501(c)(3) or 501(c)(6)? Know the difference? Whereas the c3 and c6 are alike in terms of exemption from income taxes, their qualifying characteristics, the application process…
In order for nonprofit organizations recognized as tax exempt to maintain tax-exempt status and avoid penalties, there are certain activities that are prohibited, and certain filing and disclosures required: Prohibited Activities Filing and Disclosure Requirements Additional ResourcesIRS Publication 4221-PC, “Compliance Guide for 501(c)(3) Public Charities”IRS Publication 4221-NC, “Compliance Guide for Tax-Exempt Organizations (other than 501(c)(3)…
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