Pro Bono Partnership of Atlanta
U.S. nonprofits that have bank accounts in foreign countries must file a Report of Foreign Bank and Financial Accounts (FBAR) each year to report the existence of foreign financial accounts held outside the United States. Beginning this year, the filing deadline for the FBAR has been moved up to April 15 with a new automatic …
This is part seven of an eight part webinar series that provides general legal information about operating a 501(c)(3) tax-exempt, nonprofit corporation. This webinar details the financial responsibilities of the Board of Directors, including approving budgets, reviewing financial statements, and setting internal controls. Presenter: Denise Devenny, CPA, Vice President of Operations with the Bipartisan Policy …
Payroll tax mistakes can result in IRS audits and costly penalties for your nonprofit. The IRS is paying more and more attention to payroll tax compliance by employers, including nonprofits. To make matters worse, nonprofit managers and directors can be held personally liable for unpaid payroll taxes and penalties. Learn the basics of payroll taxes …
Since Enron, the board of directors has been required to take on a greater role in overseeing the financial affairs of a nonprofit organization. All of your board members should read this! Please note that in addition to the legal disclaimer above, this article contains information that is based, in whole or in part, on …
Learn about audits, reviews and compilations to help determine which one might be best for your organization.
The IRS prohibits every 501(c)(3) nonprofit from paying its officers, directors and other insiders too much for any goods or services they provide to the organization. Nonprofits that do not follow these rules, and any officer or director who approved an excess payment, may be subject to taxes, fines and other penalties. This article will …
Private inurement (using charity’s income or assets for personal use) is prohibited by the IRS. Learn more about this important restriction and suggestions on how to protect your 501(c)(3) status.
As our Financial Policies 101 webcast demonstrated, nonprofits need to have good financial policies and procedures in place in order to satisfy funders, comply with IRS requirements, and avoid misuse of funds or even embezzlement. During this one hour webcast, our presenters discuss best practices for: Budgeting and financial reports, Checks and balances for financial …
Nonprofits need to have good financial policies and procedures in place in order to satisfy funders, comply with IRS requirements, and avoid misuse of funds or even embezzlement. During this one hour webcast, our speakers discuss best practices for: Financial recordkeeping and recording, Investment policies, and Internal controls