Tag: Not For Profit

Revenue generated by 501(c)(3) organizations is generally exempt from federal income tax. But in some cases, your not-for-profit may incur unrelated business income tax (UBIT) on revenue. The good news is your annual tax return Read More

If your not-for-profit organization operates on a calendar-year tax basis, the deadline for filing your 2021 Form 990 (Form 990 EZ for certain small organizations) is right around the corner — May 15, 2022. Besides filing Read More

Most not-for-profit executives are aware of the prohibition against private inurement. Generally, nonprofit directors and executives — and their family members — aren't allowed to personally benefit from their positions while putting their organization at Read More

With all the legal hoops involved, it can be difficult for a not-for-profit to secure its tax-exempt status. The last thing you want after gaining this critical designation is to lose it. In the current Read More

Does your organization have a succession plan in place? And, if it does, is it well documented? Some not-for-profits delay detailed succession planning, thinking of it as a project they'll get to "someday." But that's Read More

Many not-for-profit organizations have been hanging on for dear life for the past year. But the days of survival mode are coming to an end. Now, nonprofit leaders need to be innovative to position their Read More

What can not-for-profit organizations expect in 2021 and beyond? One recent report, "11 Trends in Philanthropy for 2021," offers some answers. Produced by the Dorothy A. Johnson Center for Philanthropy at Grand Valley State University (Grand Read More

The Consolidated Appropriations Act (CAA) enacted in December 2020 extends and modifies several key tax provisions originally included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act provided several forms of Read More

A donor makes a cash contribution to a nonprofit community health organization. The donor itemizes income tax deductions and meets the IRS's substantiation requirements. So he's entitled to take a deduction for the donation. The Read More

Not-for-profits are held to strict reporting standards. For instance, your organization is required to annually file Form 990 with the IRS to preserve your tax–exempt status, among other requirements. But reporting isn't limited to the federal Read More