Thought Leadership
When it comes to thought leadership and staying informed, we’ve got you covered. See below for recent articles, webinars, and downloadable resources available.
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May 13, 2020
As you plan to spend funds received through the Paycheck Protection Program (PPP) loan, there are many considerations not-for-profit organizations need to take into account. Not only must you plan to spend funds for allowable purposes (including payroll and benefits, rent, and utilities) to obtain forgiveness of all or a portion of the amounts borrowed, you […]
May 05, 2020
Cash flow management is a critical exercise during uncertain times like these and one that is top of mind for every business owner. It involves managing every aspect of the business that can have an effect on cash inflows or outflows, including focusing on accelerating inflows, prioritizing spending, and overall allocation of valuable resources. Where […]
May 04, 2020
With the needs of our world constantly changing due to the effects of the COVID-19 pandemic, non-profit organizations find themselves having to rethink their operations, short-term missions, and revenue streams. The new charitable contribution deduction provisions outlined in the CARES Act may be an opportunity to attract a new base of donors or get additional […]
April 13, 2020
This article was originally published on March 30th and is being updated as new information becomes available. The Internal Revenue Service (IRS) announced on April 9, 2020, that informational tax return due dates have been extended in light of the coronavirus pandemic. Not-for-profits with filing deadlines of April 1, 2020 to July 14, 2020 now […]
April 10, 2020
It is in times like the current COVID-19 pandemic where our national and global economies are facing historic challenges that organizations are confronted with the need to make paradigm shifts to stay viable and sustainable. As many organizations were preparing their 2020 financial budgets, fundraiser calendars, and establishing strategic plans, few, if any, were prepared […]
February 24, 2020
On February 10, 2020, the Financial Accounting Standards Board (FASB) issued a Proposed Accounting Standards Update (ASU) “Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets” designed to improve transparency in how not-for-profit organizations present and disclose contributed nonfinancial assets. Also known as gifts-in-kind, contributed nonfinancial assets include fixed assets such as land, buildings, and […]
February 17, 2020
Has your charitable organization moved in the last year? Have you had a significant change in use of property? If your organization is located in Indiana, and you answered yes to either, you likely need to file a new Form 136 Application for Property Tax Exemption. Indiana Code exempts from tax real property and business […]
January 28, 2020
Having sound governance policies to accomplish an organization’s mission encourages operational and managerial efficiency. Organizations that receive more than $25,000 in non-cash contributions are required to file a Schedule M with their Form 990. For those organizations, they have already been confronted with the question of having a gift acceptance policy. Regardless, if an organization […]
January 07, 2020
While the Further Consolidated Appropriations Act, 2020 (Act) brought about extensions for certain credits and deductions, it also brought the following two changes for exempt organizations: Parking Tax Retroactively Repealed The Parking Tax imposed under Internal Revenue Code Section 512(a)(7) has now been retroactively repealed. Exempt organizations will no longer owe this tax and are […]
January 03, 2020
Updates to the Federal Perkins Loan Program continue as the Department of Education (“Department”) proceeds to wind down the program. During the fall, the Department issued several announcements including literature on the reimbursement for Perkins Service Cancellation, distributions of assets from the Revolving Loan Fund, and the assignment of Perkins Loan in default for two […]
December 17, 2019
When your favorite time of year rolls around (completing your organization’s Form 990, of course!), it can be difficult to know what you should be providing to your tax return preparer when they ask for “compensation” to complete Form 990, Part VII as well as Schedule J, Part II, if applicable. Form 990 requires an […]
November 20, 2019
Update published on June 5, 2020: FASB issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (ASC 606) and Leases (ASC 842) Effective Dates for Certain Entities, as part of its efforts to support and assist stakeholders as they cope with the many challenges and hardships related to the COVID-19 pandemic. In 2018, the Financial […]
October 22, 2019
Did you know that just because a nonprofit organization is exempt from income tax, does not automatically qualify it to be exempt from property taxes? A general rule is that property is subject to tax unless the organization obtains approval of exemption, even if the organization is a 501(c)(3) public charity. Because property taxes are […]
September 30, 2019
On September 10, 2019, proposed REG-102508-16 was issued to end the reporting of names and addresses of substantial contributors listed on Schedule B of Form 990 or Form 990-EZ for non-501(c)(3) and non-527 organizations. The Treasury Department and the IRS have determined that this information is not necessary for the effective administration of the law […]
September 11, 2019
A strong board of directors will oversee implementation of strategic objectives for the organization, but also has ultimate responsibility and liability. Building a strong board of directors is challenging, yet crucial to setting the right tone for success of your organization. Have you assessed your organization’s overall governance model recently? Have you reviewed your board […]
Webinars
September 21, 2023
By Cory Schunemann, CPA, Manager at Blue & Co. Indiana’s 2023 Senate Enrolled Act (SEA) 417 made another change to the sales tax collection requirements for not-for-profits after 2022’s SEA 382. Not-for-profits with taxable retail sales in excess of $100,000 in the current or prior year are now required to collect and remit sales tax. […]
August 09, 2023
By Emilie Knieriem, CPA, Senior Manager at Blue & Co. Tax-exempt hospitals provide community benefits for many reasons. In order to understand those reasons, we should first define what community benefits are and how they benefit community need. Community benefits are programs and services designed to improve health in communities and increase access to health care. […]
July 19, 2023
By Andrew Brock, CPA, Manager at Blue & Co. How often do you find yourself facing more questions than answers when it comes to making operational decisions for your organization and what the future bottom-line impact of those decisions might entail? Right now, some of the most relevant trends and decisions for organizations include: Impact […]
June 27, 2023
By Luke Pierce, CPA, Manager at Blue & Co. What Are Functional Expenses? Under financial reporting standards, all not-for-profit entities are required to present a statement of functional expenses, either within the actual financial statements or as a disclosure within the notes to the financial statements. While natural expenses show the type of expense incurred, […]
June 09, 2023
By Greg Jackson, CPA, Principal at Blue & Co. Many not-for-profit organizations rely on public support (grants and contributions) to finance their mission. When that public support includes donor-restricted grants and contributions, those restricted amounts must be reported and accounted for in accordance with the related restrictions attached to the funds. When recording a donor-restricted […]
April 19, 2023
By Allen Norvell, CPA, MBA, Director at Blue & Co. While certainly not a new risk for not-for-profit (NFP) organizations, cybersecurity risk is increasing in profile as an area of interest among members of governance. NFPs manage a significant volume of customer and donor data. We have previously provided thought leadership to help NFPs identify […]
