Nonprofits must be on their toes nowadays. New regulatory changes are being introduced constantly, many in just the last two years, including: an updated accounting standard that requires a complete overhaul of the reporting process; a tax law that threatens future donations revenue; and, new state-wide audit requirements. It can be a lot to keep […]
Most nonprofit executives are focused on fundraising, service and program delivery, staff development and community relations. Ensuring the organization is well funded and staffed to provide the services needed to meet the mission statement is usually at the top of the list. So on the list of priorities, financial reporting may sometimes fall lower on […]
After changes were made to the federal tax law, more precisely to itemized deductions, at the end of 2017, many nonprofits have been left wondering how tax reform will impact charitable donations received and individuals are trying to determine how to maximize their tax benefit from donations. On December 22, 2017, the Tax Cuts and […]
The nonprofit industry in Pennsylvania will see a few changes after Governor Wolf’s recent legislative signing of Act 71 of 2017. Act 71, signed into law by Governor Wolf in December of 2017, raises the annual contribution levels that will trigger an automatic audit for a nonprofit organization. The new limits will take full effect […]
The beginning of the year is usually a bit late to start drafting a new strategic plan for your nonprofit. But, if you’re running a small nonprofit, without a plan and want to create one, here are some helpful ideas as you begin this important process. Why Have a Strategic Plan? Any organization has a […]
Every second, there is an average of 40,000 searches on Google, according to Internet Live Stats. In a market ranking report forDecember 2015, comScore reported that Google had 63.8% of the search market share in the United States for desktop searches. The closest competitor would be Microsoft with Bing at 21.1% – a large difference. […]
This update is applicable to all 501 (c)(3) organizations that need to file with the Bureau of Charitable Organizations (BCO). As was discussed in a previous BSSF blog post, Governor Corbett signed into law Act 141 of 2014 on October 14, 2014. This Act changes the renewal date for charitable organizations from 135 days after […]
It has become more and more prevalent for nonprofit organizations to receive contributions of time and services in lieu of money. However, unlike donated cash which is always recognized, donated services do not always find their way onto a nonprofit’s financial statements. According to the Financial Accounting Standards Board, nonprofit organizations may only record two […]
The PA Bureau of Charitable Organizations (BCO) filing deadline conundrum has finally been addressed. For most nonprofit organizations that are required to file annually with the BCO, knowing the deadline for filing has presented a challenge. The initial bill creating the BCO filing deadlines (Act 1990-202 (H.B. 365), § 1, approved Dec. 19, 1990) required the […]