Not-for-Profit Newsletter February 2014

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SKR+Co Not-for-Profit Newsletter

February 2014

Tips for communicating financial information to the board


While board members typically bring a variety of talents and expertise to the table, they don’t always have extensive experience in financial and accounting matters. But they can’t properly perform their functions if they don’t obtain and understand information about the organization’s financial position. This article explains how to best communicate the essential financial information board members need. It looks at the specific kinds of information they should receive and how it can be presented in a user-friendly format. A sidebar notes that a dashboard — a one- or two-page snapshot of key metrics — may be especially useful in some instances.

Read the Full Article Here.


Keeping an eye on UBI  

Understand unrelated business income and how to avoid excess amounts

If an activity conducted by a nonprofit is a trade or business carried on regularly, and not substantially related to furthering its exempt purpose, the income generated is considered unrelated business income (UBI). And accumulating too much can subject the nonprofit to taxes — and even threaten its tax-exempt status. This article explains what kinds of activities do and do not generate UBI.

Read the Full Article Here.


Make the most of peer-to-peer fundraising


Peer-to-peer fundraising events — for example, walks and runs — have become one of the most common ways for nonprofits to raise money. This article offers tips for maximizing and safeguarding those funds. It observes that one of the most effective ways to encourage fundraising by participants is to set goals, and notes the importance of implementing appropriate financial controls from the outset.

Read the Full Article Here.


CNE's Nonprofit Day, March 7, 2014

We look forward to seeing many of you on Friday, March 7th, at the Center for Nonprofit Excellence's Nonprofit Day. Be sure to come by our booth and say, "Hi" and drop off your business card to be entered in the day's drawing!









In this issue, “Newsbits” discusses a court case that resulted in a nonprofit being forced to return a restricted gift that it had used for another purpose. And we note a study showing that asset, gift and grant amounts for community foundations have reached new heights.

Read the Full Article Here.




Steve Hochstetter, CPA, ABB, CFF,CVA
Audit Partner


Jamie Meidinger, CPA
Audit Manager


Jeff Talus, CPA
Tax Partner

Doreen Merz, CPA
Tax Manager


For more information on our Not-for-Profit services, please see our website HERE.



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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.