Not-for-Profit Newsletter Fall 2011

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 stockman kast & ryan co.

SKR+Co Nonprofit Newsletter
Fall 2011

Creating Policies
Don't reinvent the wheel 

Since the revised IRS Form 990 debuted a few years ago, many nonprofits have been reviewing the policies on their books, improving them, and adding new policies to their collections. Form 990 doesn’t state that these policies are required, but asking about them implies that they should be in place. Form 990 aside, the public — concerned by stories of nonprofit mismanagement — has put more emphasis on nonprofit governance, including policy adoption and enforcement.

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Ease on down the road
5 tips for making your audit less stressful

Do you bite your nails before your not-for-profit’s external audit each year? Does your staff start showing signs of anxiety in anticipation of the auditors walking in the door? If this sounds like your situation, take a deep breath. Here are five tips for making the audit experience run more smoothly for you and your auditors.

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How to embrace accountability

There is much talk about accountability, especially financial accountability for charitable and other exempt organizations. Nonprofits need to embrace accountability to protect the organization and its people, to demonstrate openness and forthrightness in external dealings and to support the greater good. Embracing accountability also helps not-for-profits fulfill their fiduciary responsibilities to donors, constituents and the public. But how can nonprofits truly embrace this abstract term?

 

Newsbit: Tax treatment of cell phones

New IRS guidance describes how employers can handle the cost of cell phones they provide to employees. The guidance, found in IRS Notice 2011-72 and the Sept. 14 memorandum to field examiners, "Interim Guidance on Reimbursement of Employee Personal Cell Phone Usage in light of Notice 2011-72," also describes how to handle reimbursement of cell phone costs if the employee provides the cell phone.

Providing a cell phone — or a cell phone allowance — to employees can be tax-free in many situations, including if your organization needs to be able to contact an employee at all times for work-related emergencies or if you require that an employee away from the office be available to speak with clients or constituents.

In other words, the cell phone must be needed for the nonprofit's benefit and can't be provided simply as a form of compensation. For more details, contact your tax advisor.

Meet our Nonprofit Specialists

Steve Hochstetter, CPA, CVA, Audit Partner

 

 

 

 

 


Jeff Talus, CPA, Tax Partner


Doreen Merz, CPA, Tax Manager

Our Nonprofit Services

Stockman Kast Ryan + CO Not-for-Profit services include:

•  Tax preparation
•  Audits and reviews of
   Financial Statements
•  Compliance audits with
   OMB Circular A-133
•  Cash flow projections
   and other consulting
   services
•  UBIT (Unrelated
   Business Income Tax)
   consulting
•  Internal control reviews
•  Bookkeeping

For more information about any of our nonprofit services, please contact us at (719) 630-1186 or through our Secure Email:

SKR+CO Expert
Steve Hochstetter, CPA/ABV®, CFF™, CVA, Audit Partner
Steve has been in public accounting since 1983, with significant experience serving nonprofit organizations, healthcare organizations, governmental entities, and small to mid-size businesses.