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12 Sep

How Nonprofits Can Use Internal Audits to Mitigate Risk

Nonprofits Can Use Internal Audits to Mitigate Risk | Spire Group, PC Whether it’s to comply with state laws or provide contributors with financial statements, internal audits are critical for nonprofit organizations to verify the accuracy of their records, prevent the misuse of funds or assets and even identify strategies for improving operations. Internal audits […]

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23 Aug

5 Things Nonprofits Should Understand About the Effect of Tax Reform on Charitable Giving

Effect of Tax Reform on Charitable Giving | Spire Group, PC The Tax Cuts and Jobs Act (TCJA) enacted in late 2017 significantly changed the federal tax code. While the changes will affect individuals and businesses of all types, the nonprofit sector needs to carefully monitor how the new law impacts their finances and operations. […]

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13 Apr

How the Recent Tax Reform May Impact Your Charitable Giving Strategy

Charitable Giving Strategy The first time Congress allowed a tax deduction for charitable giving was in 1917, only a few months after the U.S. entered WWI. This deduction was created as a way to bolster charities and their war efforts, and it has been available to taxpayers ever since. Today, taxpayers can take a charitable […]

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05 Apr

Building a Stronger Internal Audit Function

In recent years, nonprofits have been the target of increased scrutiny over governance, accountability and compliance.  Despite this, many organizations dismiss the importance of their internal audit functions. This isn’t a wise move. All nonprofits face heightened expectations from regulators and the public, as well as an ever-expanding field of risks. Even though your budget […]

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22 Mar

Theft Prevention Strategies for Smaller Nonprofit Organizations

Nonprofit Fraud Prevention Strategies | Spire Group, PC While it may seem difficult to comprehend the notion of stealing cash from a nonprofit organization, people with ill intentions do it all the time, and smaller nonprofits are especially prone to this devious practice. This is partly because cash is more difficult to trace than stealing […]

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05 Oct

Upcoming Changes to Not for Profit Financial Statements

You have probably heard by now that there’s an update just around the corner regarding the presentation of not-for-profit financial statements. FASB has issued ASU 2016-14, as an update to the current not-for-profit financial statement model with hopes to improve net asset classification, information shown in financial statements and disclosures, and how not-for-profits tell their […]

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03 Oct

Knowing Whether Income is Sponsorship or Advertising

Do you know if corporate sponsorships are taxable or what activities are considered advertising? Like many not-for-profits your organization may supplement its usual income-producing activities with sponsorships or advertising programs. Although your nonprofit is allowed to receive payment they are subject to unrelated business income tax (UBIT) unless the activities involved are substantially related to […]

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02 Oct

Dollars and Sense – Get the Most Out of Noncash Contributions

Donated services and noncash contributions (also referred to as in-kind contributions or gifts in kind) are critical to many nonprofits’ sustainability. But some organizations fail to properly document and report these valuable gifts. It’s important to understand the rules and implement a written policy for handling noncash contributions. Rules for Professional Services Contributed services are […]

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