In The News
E-News Update - Unrelated Business Income Not Being Reported Correctly
May 23, 2013
The Colleges and Universities Compliance Project, begun in 2008 by the IRS, distributed 400 questionnaires to a randomly-selected sample of schools to ensure compliance with current regulations. Based on responses to the questionnaires and details of the respective Form 990s, the IRS selected 34 of these colleges and universities for further review and found that unreported unrelated business income (UBI) in higher education was found in almost every case examined by the IRS. Read More...
E-News Update - IRS Exempt Organization Workplan 2013
May 16, 2013
A retirement plan can have a lot of benefits for non-profit organizations and their employees. Experts estimate that workers will need 70 to 90 percent of their pre-retirement income to maintain their current standard of living when they retire. By sponsoring a retirement plan, an organization will help their employees save for their future. Read More...
E-News Update - IRS Exempt Organization Workplan 2013
May 9, 2013
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2012-05, Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows. Read More...
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Not-for-profit organizations face challenges similar to those of any other business. Those challenges include identifying the best use of available resources, growing to support increased services, remaining financially viable while maintaining a strong focus on efficiency. However, the approach to meeting those challenges and the manner to which the issues are addressed have to be tailored to fit within the overall mission and the demands of the stakeholders of each individual not-for-profit.
Not-for-profit organizations face challenges similar to those of any other business. Those challenges include identifying the best use of available resources, growing to support increased services, remaining financially viable while maintaining a strong focus on efficiency. However, the approach to meeting those challenges and the manner to which the issues are addressed have to be tailored to fit within the overall mission and the demands of the stakeholders of each individual not-for-profit.
Our growing list of not-for-profit clients is proof of the ability our experts demonstrate in areas that are relevant to not-for-profit organizations. For our clients this means we are able to accurately identify with the day-to-day management issues and operational concerns such as internal controls, segregation of duties, management effectiveness and board development and are able to offer practical solutions that add value.
Proven areas of expertise include:
| - | Implementation of new audit and accounting standards |
- | Identification of best practices resulting from the new Form 990 |
| - | Benchmarking | - | Meaningful financial statements and management reports |
| - | Improve tracking of restricted resources | - | Provide financing alternatives |
| - | Legislation and litigation monitoring | - | Income sources structuring |
| - | Exempt status consulting | - | Indiana property tax exemptions and minimization |
| - | Federal tax compliance and state reporting requirements | - | Planned giving |
| - | Intermediate sanctions legislation and regulations | - | Corporate sponsorship and royalty transactions structuring |
| - | Current e-updates | - | Representation before IRS and state tax authorities |
| - | Employee benefit plan review and administration | - | Information systems consulting |
| - | Estate and family wealth planning | - | Business valuation services |
| - | Bond issue analysis | - | Structuring of transactions between related entities |
| - | Consulting on budget preparations | - | Accounting and financial reporting systems design and interpretation |
| - | Cost allocation between funds and programs |