With baby boomers (the largest and wealthiest generation in U.S. history) expected to transfer trillions of dollars of assets in the next few decades, this could be the right time to launch an endowment. This article explains the two main types of endowments, describes the pros and cons and addresses managing assets and spending restrictions. “Quasi” endowments also are discussed.
In today’s society everybody wants to know where exactly their money is going. It is not enough anymore to simply solicit donations to “help your cause.” More and more donors want to see the end result of their donation, and this could also be a factor as to whether they donate to your organization again or not. This blog focuses on how you can make the use of your fundraising dollars more transparent to donors.
An organization that wants to survey its members, donors or other constituents for feedback on a program or project, but has not created a survey before, should not fret. It just needs to keep in mind certain rules and the rest will follow. This article contains eight tips for writing an effective survey.
The recession has been over for many years and the nation’s unemployment rate has returned to below 5%. So, can not-for-profit organizations expect to see the donation flood gates open back up? For some organizations, this may be the case. However, this may not be the case for all. Many variables factor into why donations may be up or down. This article stresses the point that there is never a bad time for organizations to review their struggles or successes with donations, as well determine ways to improve.
The FASB recently released its first update to the financial reporting rules for not-for-profit organizations since 1993. The new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, will affect the financial statements of most organizations when it takes effect. This article explains the standard’s new net asset classes, how liquidity and available resources reporting has changed and the new requirements for reporting expenses and investment return.
Many not-for-profit organizations may be impacted by new policies coming from the Federal government as a result of the 2016 election. While it is obviously too early to tell, you should be closely monitoring the kinds of proposals that are being presented by the incoming administration during the transition period, and then, the status of legislation once both the new president and Congress have been installed. This article presents a few precursory thoughts on a few proposed pieces of legislation.
As your not-for-profit organization grows and matures, its initial guiding rules might need to be revisited and brought up to date. But be mindful because revamping an organization’s bylaws involves more than just altering the language of rarely visited documents. After reading this article you will gain an understanding of the purpose of bylaws, forming a bylaw committee and revising certain types of information.
The DOL’s new overtime rules, which will make many more employees eligible for overtime pay under the Fair Labor Standards Act (FLSA), take effect December 1, 2016 — and not-for-profit organizations are not exempt. Even if an organization is not covered by the FLSA, its employees may be covered as individuals and thus eligible for overtime. This article addresses the new salary-level tests for exempt workers, the impact on not-for-profit organizations and some exceptions to the rules. A Sidebar offers four options for compliance.
A not-for-profit organization that has issued, or is a conduit bond obligor for, securities that are traded, listed or quoted on an exchange or an over-the-counter market is considered a public entity and is therefore required to adhere to a new revenue recognition standard established by the Financial Accounting Standards Board. We detail this new accounting standard in this article, as well as help you determine whether you should implement it at your organization.
Just as they are for a child, the early years for not-for-profit organizations are full of important milestones. An organization’s first steps can make the difference between a sustainable entity with the capacity to fulfill its mission or a floundering failure that fades out fast. This article covers characteristics of the early-stage not-for-profit organization, key steps it must take and key decisions it must make. A Sidebar discusses the “3 Ws” approach to board development.