Selling Raffles…a fundraising event
Raffles are a great way to earn revenues in combination with special events. Donors will generally provide the raffle items as a donation to your organization, which allows your organization to raise...
View ArticleIs a Private Foundation right for me?
Situation: You are interested in setting aside a pool of assets for use in current and future charitable giving. You aren’t certain to whom contributions will be made. You would like to receive a tax...
View ArticleConditional vs. Unconditional Promises to Give – What is the Difference?
As a former employee of a not-for-profit organization, we always got excited when we learned of a pledge (also known as a promise to give) from a generous donor. What can be difficult to understand is...
View ArticleUnconditional Promises to Give
A promise to give is a written or oral agreement to contribute cash or other assets to another entity. To be recognized in GAAP financial statements, you must have sufficient evidence that a promise to...
View ArticleConditional Promises to Give
As discussed in “Unconditional Promises to Give” post, promises to give can be unconditional or conditional. Conditional promises to give come with donor-imposed conditions. If the condition is not...
View ArticleUnemployed professionals volunteering to keep skills sharp; Better sharpen...
With unemployment nearing the double digits, there is a large population of professionals in the marketplace. You might have seen the news cast that played on NBC this Wednesday the 23rd (click here)....
View ArticleDonations for Haiti
President Obama recently signed into law H.R. 4462 which allows taxpayers to claim a charitable deduction in the 2009 tax year for donations made after January 11, 2010 and before March 1, 2010 for the...
View ArticleFunding Legal Needs of a Church
A recent question came from a relatively large church that is considering raising funds to cover legal support related to property. Are these types of contributions allowable and deductible? Allowable...
View ArticleHidden Rules of the 401(k) and 403(b) – Part 1
The issues most plan administrators don’t know until they go through their first audit Administering a retirement plan is often an area that accountants may not be very familiar with. There are many...
View ArticleHidden Rules of the 401(k) and 403(b) – Part 2
Last time, we discussed issues with late contributions and fidelity bonds. Employee benefit plan audit season is in full swing right now, so it is the perfect time for us to discuss some more common...
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