Not-for-Profit Newsletter July 2013

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The SKR+Co Nonprofit Newsletter

July 2013

 

What to expect when the IRS comes knocking

Notice of an IRS audit may be unnerving to a nonprofit, but understanding the nuts and bolts of IRS reviews can help reduce its risk of running into trouble. This article looks at the three types of IRS reviews and how the agency selects an organization for scrutiny. A sidebar lists some of the matters that a particular type of review may cover.
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Are you ready? 3 significant developments in outreach technology

One of the top priorities for nonprofits is engaging with their supporters and building relationships. It’s no surprise, then, that interest is surging in technology that can help nonprofits do just that. This article shows how organizations can maximize the potential of current technology tools by developing mobile websites and apps, leveraging social networks and expanding their Web presence. A sidebar discusses specific metrics to use in evaluating technology investments.
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Nonprofit mergers – When joining forces is the answer

Nonprofits that are suffering a lack of either financial or human resources might want to consider joining forces with another nonprofit. When researched and executed carefully, a merger can make both organizations stronger by building on their complementary skills. But there are questions to ask and a variety of hurdles to overcome; this article looks at some of them.
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News: Congress urged to "liberate" IRS data on nonprofit sector

A report from the Aspen Institute encourages Congress to require the IRS to make Form 990 data “open” — available to all free of charge in a standard format, published without proprietary conditions and available online as a bulk download. To do so, Congress would need to require nonprofits to file their forms electronically.

Forms 990 are currently released only as individual image files. According to the report, Information for Impact: Liberating Nonprofit Sector Data, this format is useful only for reading about a single organization at a time. The institute is requesting comprehensive and computable data that can be openly aggregated, searched, checked and analyzed.

The institute has recommended a two-track strategy. To achieve a longer-term goal of legislation that requires electronic filing to create open 990 data, the institute suggests a shorter-term strategy of developing a third-party platform that can demonstrate more immediate benefits. 

Meet Our Nonprofit Specialists

Steve Hochstetter CPA, CVA, Audit Partner

 

 

 

 

 

 

Jeff Talus CPA, Tax Partner

Doreen Merz CPA, Tax Manager

Nonprofit 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 the articles here or 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.