Your not-for-profit organization is probably assisted by volunteers who aren’t financially compensated. But your staff — including executives — are almost certainly paid a commensurate salary and benefits for their work. Compensation issues are always tricky, but they’re made more so by tax and legal requirements for nonprofits. Setting executive pay is particularly fraught because if […]
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By Nathaniel C. Gravel, CISA, CISM, CRISC The second week of January has been designated as National Home Office Safety & Security Week. But keeping your computer, network and files secure while working remotely is a 24/7/365 task. Here are eight important steps to take to help ensure your “home work” is not compromised by
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If your not-for-profit focuses most of its fundraising energy on donors who can contribute to your mission and programs now, you may have neglected legacy gifts. Such gifts represent a portion of wealthy donors’ estates that go to your organization on their death. Legacy gifts can help position your nonprofit for sustained growth well into the
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Does your not-for-profit need to replace a departing board director — or add directors to better handle your growing organization’s governance work? Choose carefully, because although a well-qualified, enthusiastic board addition can help infuse the group with energy and fresh ideas, an unqualified one can create conflict and other problems. Here’s how a nonprofit board should
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By Nathaniel C. Gravel, CISA, CISM, CRISC Hundreds of thousands of organizations in the U.S. and around the world rely on Microsoft’s Office 365 software suite to run their businesses. But recent events have shown that even this highly regarded software is vulnerable to penetration by increasingly sophisticated methods used by cyber criminals. The biggest
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By Nathaniel C. Gravel, CISA, CISM, CRISC With an estimated 2,200 cyberattacks taking place each day – one every 39 seconds – the task of creating and deploying a defensive strategy for your business can be intimidating. Still, the threat is too great to ignore, not to mention the fact that most states have strict
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By Nathaniel C. Gravel, CISA, CISM, CRISC The number one cause of cybersecurity breaches in the U.S. is human error. Statistics show that 70% of all cyber intrusions are caused by somebody clicking on the wrong link, downloading an infected attachment, or responding to an email that looked legitimate but was a deception. Collectively known
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By Martin E. Prendergast Gray, Gray & Gray, LLP While the recently enacted Inflation Reduction Act is making headlines for its energy and healthcare facets – along with a big ramp up in IRS muscle – there are several provisions that could benefit practitioners in the architectural and engineering fields. Here are some highlights of
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If your organization has met the IRS qualifications to be considered tax-exempt, the income you receive — such as donor contributions — is exempt from federal income tax. However, it’s still possible for not-for-profits to follow the rules and experience adverse tax consequences. Here are five potential tax traps that could catch you off guard. 1.
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Do you have a relatively new business with less than $1 million in annual gross revenues? You may be eligible for as much as $100,000 in tax credits. Under the American Recovery Rescue Plan, a company founded or incorporated after February 15, 2020 may be classified as a “Recovery Startup Business.” These recent startups (provided
Recent Startup? You Could Be Eligible for Up to $100,000 in Tax Credits Read More »