Not-for-Profit Newsletter November 2012

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The SKRCO Nonprofit Newsletter
November 2012 

The value of donated property is in the eye of the marketplace

Nonprofits often struggle with valuing noncash and in-kind donations, including the value of houses or other buildings. Although the amount that a donor can deduct generally is based on the donation's fair market value (FMV), there's no single formula for calculating FMV for every type of gift. This article discusses the basics of FMV, along with three FMV factors the IRS regards as particularly relevant. A sidebar explains when donors need to seek an appraisal.

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Employee vs. independent contractors –Classify your workers per IRS guidelines

The IRS has publicly stated it plans to crack down on organizations that improperly classify workers as independent contractors instead of employees. This article details the steps one must take to be sure that employee classifications stand up to IRS scrutiny. It explains the difference between an employee and an independent contractor, how to determine the status of current workers, and what to do if violations have been committed. 

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Are you covered? – Internal controls fight technology-related fraud

The ability to accept and make online payments and maintain databases with detailed profiles of constituents offers obvious benefits to nonprofits under constant time and money pressures. But it may also be subject to fraud attempts that can dodge traditional internal controls. This article discusses measures that are available to combat these risks. In particular, it shows how to prevent fraud when making or accepting online payments and explains how to protect cardholders' privacy.

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Newsbits

In this issue, "Newsbits" takes a quick look at the costs vs. the benefits for a nonprofit in having social media fans; Financial Accounting Standards Board (FASB) projects regarding nonprofits' financial statements and financial communications; and a study showing that dual-channel donors (those who give both online and offline) have the highest annual donor value.

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Meet our Nonprofit Specialists

Steve Hochstetter, CPA, CVA, Audit Partner

 

Jeff Talus, CPA, Tax Partner

Doreen Merz, CPA, 
Tax Manager

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.