Apr 25, 2024 | Not-for-Profit, Tax News
Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax? The possibility of being tax-exempt is permitted under section 501(a) of the Internal Revenue Code. But what about determining private...
Mar 14, 2024 | Not-for-Profit, Tax News
If you’re planning to enter the world of tax-exempt organizations, you first need to understand what a tax-exempt organization actually is. According to the IRS, the organization must fall into one of the following categories: charitable, religious, educational,...
Jan 24, 2024 | Business Planning, Closely Held Business, Estate Planning, Featured News and Events, Not-for-Profit, Personal Financial Planning, Real Estate
Last week, Dr. Terry Clower was guest speaker for MCB’s annual Economic Outlook event, where he shared insights on the state of our national and local economies. MCB has sponsored the Economic Outlook event with Dr. Clower in January for the past 10 years. Also...
Sep 6, 2022 | Business Planning, Closely Held Business, Not-for-Profit
At the end of each month, you need to complete a month-end report to update your accounting statements. You also have to issue a year-end report and mail IRS Form 1099s to vendors for their taxes. Following are just some of the many issues you have to address: ...
Jul 19, 2022 | Accounting & Audit Updates, Not-for-Profit
Due diligence is an investigation, an audit or a review performed to confirm facts or details of financial records. The objective is to confirm accuracy and appraise value. Audits often help uncover issues and avert potential ones in the future. When you outsource...
Jul 12, 2022 | Not-for-Profit
You get a large donation from a well-heeled graduate who wants it to be used for a new science building. This is just one example of money with strings attached that nonprofits need to manage appropriately. But allowing donors to have input in the use of financial...
