News & Insights
Support your nonprofit’s financial plans with board designationsShould your nonprofit board designate unrestricted assets? Board-designated assets can provide a foundation and help ensure that funds are available when you need them. However, there are responsibilities involved. 
Management letters: Follow up on your auditor’s recommendationsTake your audited financials to the next level by implementing the improvements contained in the management letter. 
After tax day: Take these action stepsWith the April tax filing deadline in the rear view, now is the time to take certain tax-related action steps in preparation for next year. 
Making your return to in-person fundraising successfulPlanning an in-person fundraiser for the first time since the start of the pandemic? Be more careful than usual, especially given current inflation rates and nonprofit staff shortages. Here are some additional tips. 
Congress eyes further retirement savings enhancementsSECURE 2.0 passed the U.S. House with strong bipartisan support. While the Senate is working on its own bill, learn about the provisions of the House’s version. 
Classify your nonprofit’s workers correctly — or risk repercussionsDoes your nonprofit rely on contractors to get the work done? Make sure these workers are classified accurately or you may face federal scrutiny and financial penalties. 
Timing counts: Reporting subsequent eventsIn today’s marketplace, conditions are ever-changing. By the time you issue year-end financial statements, you may be dealing with a major development that’s affecting your company’s performance. Which developments must be recognized or disclosed in your financials? 
Conflict-of-interest policies: It’s about trustYour nonprofit needs a conflict-of-interest policy. Good governance demands it, your stakeholders expect it and even the IRS wants to know how you prevent conflicts. 
Nonprofits: Seize the day with real-time strategic planningIs your nonprofit’s current strategic plan uninspiring? Does it prevent you from leveraging current opportunities? Real-time strategic planning enables organizations to capitalize on their competitive advantages. 
No audit required? Do it anywayMost nonprofits aren’t required to undergo audits. But you may want to engage an auditor anyway. Here’s how to make the process go smoothly and reduce time and costs. 
The IRS again eases Schedules K-2 and K-3 filing requirements for 2021The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021. 
Are you ready for the new disclosure requirements for government assistance?Has your organization received any COVID-19 relief funds, tax incentives or other type of government assistance in recent years? If so, you may need to disclose the key details about the transaction in your 2022 financial statements. |
© 2024 Mullen Sondberg Wimbish & Stone, P.A.. All Rights Reserved.