The last two years have been tough for most nonprofits. Now that there’s some light at the end of the tunnel, you may feel more optimistic and with a renewed dedication to your cause. How can you extend the concept of renewal to your organization’s operations and even grow in 2022? Here are seven ideas: 1. …
Most not-for-profit executives are aware of the prohibition against private inurement. Generally, nonprofit directors and executives — and their family members — aren’t allowed to personally benefit from their positions while putting their organization at a disadvantage. Penalties for violating the private inurement mandate could include financial sanctions for violators and, in the rare worst-case scenario, …
By Bobby Garrett Director of IT & Cybersecurity Gray, Gray & Gray, LLP Did you know the first recorded ransomware cyber attack was targeted at a non-profit organization? In 1989, over 20,000 attendees of a World Health Organization (WHO) symposium on AIDS research received a complimentary floppy disc containing a file supposedly related to the …
The Tax Cuts and Jobs Act is an often-overlooked crackdown on seven-figure compensation amounts paid to the highest earners. Essentially, beginning in 2018, your not-for-profit organization could be charged a hefty excise tax if it pays more than $1 million to certain “covered” employees. The IRS issued final regulations in early 2021 that generally mirror …
How does a not-for-profit say “goodbye” to a departing founder or executive? A gift and farewell party usually are appropriate. Though not as much fun to plan, an exit agreement may also be called for. This legal document, usually developed by a nonprofit’s board of directors, details the terms of a leader’s departure. Here’s why exit …
Use an Exit Agreement to Bid Farewell to Nonprofit Executives Read More »
With all the legal hoops involved, it can be difficult for a not-for-profit to secure its tax-exempt status. The last thing you want after gaining this critical designation is to lose it. In the current political climate, it may be easier than ever to forfeit your status. So if you lead a 501(c)(3) organization, be sure …
Danger! How Nonprofits Often Lose Their Tax-Exempt Status Read More »
Gray, Gray & Gray has over 75 years of experience assisting non-profit organizations with their accounting, tax and business advisory needs. We apply the Power of More by delivering practical, proven advice that can lead to improved financial stability, and ultimately an enhanced ability to fulfill your mission and continue your important work.
By Michael Cecere, CPA, MST Gray, Gray & Gray, LLP Most Certified Public Accounting (CPA) firms provide audits of financial statements. But that does not mean all audits are created equal. Although there are accepted standards for the audit process (Generally Accepted Auditing Standards, or GAAS), the quality and accuracy of audit examination and reporting …
Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray In March 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-03, “Intangibles – Goodwill and Other (Topic 350) …
Canton, MA (February 17, 2021): Creating opportunity through education in one of the world’s poorest countries is a tall order. But that is a challenge eagerly accepted by Blaise Mbargorba, a 7-foot tall basketball player who recently graduated from Boston University. A native of Cameroon, Mbargorba, he was able to turn his height and athletic …
Tomorrow Education Foundation Building Schools – and Hope – for Children in Cameroon Read More »