Nonprofit Q&A: What Does It Mean for a Nonprofit to Lose Tax-Exempt Status? Since 2011, more than 500,000 tax-exempt entities have lost their tax-exempt status automatically. This started in 2011 when the IRS announced that 275,000 nonprofit groups — about 18% of the nation’s tax-exempt organizations — lost their tax-exempt status because they […]
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FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 3 of 3 Separation of Duties In parts 1 and 2 we looked at practical information on what is expected from organizations that have or anticipate receiving grants from federal funding either directly or as a sub-recipient regarding fiscal accountability. We also looked at Fiscal Policies that should
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FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 2 501 (c) (3) Fiscal Policies: Click here for a downloadable link to example Fiscal Policies (PDF) adapted for non-profit sub-section 501 (C) (3) organizations. This is presented as a guide to help you develop your fiscal policies. Some items and/or positions shown may not apply to you
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FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 1 Everyone in your organization who is responsible for grant management should be familiar with the processes and procedures concerning accountability and responsibilities. This includes those who prepare grant proposals and those who record and report on grant project activities. These guidelines regarding fiscal accountability are only intended
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New requirement for organizations intending to operate under Section 501(c)(4): Submit Form 8976 ________________________________________ New legislation enacted at the end of 2015 added section 506 to the Internal Revenue Code. Section 506 requires an organization to notify the IRS of its intent to operate as a section 501(c)(4) organization. The IRS has developed a new
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Yea, Great News for those who want to start a Non-Profit Organization! Would you believe the IRS actually drastically reduced the processing fee? User fee decreased for Form 1023-EZ On July 1 the user fee to process the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was
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This post would be of interest to in-house and/or contractual accountants and CPA’s concerning changes reported by FASB (Financial Accounting Standards Board) for the year 2016. It is important to keep abreast of the changes being implemented, especially since in 2014, where the new standards resulted from a convergence effort between the Financial Accounting Standards
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May 15, 2013; The IRS has received a variety of questions related to the exempt organization issues recently raised. Here are some basics on the issue. 1. What are the issues raised in the recent Treasury Inspector General for Tax Administration (“TIGTA”) report? The issues relate to the application process for organizations seeking tax-exempt status.
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Revocation of Federal Tax Exemption at Historic African-American Theater Holds Warning for Others Source Non Profit Quarterly May 12, 2016; Plain Dealer (Cleveland, OH) In April, leadership of Karamu House, a settlement house that includes the oldest African-American theater in the United States, suddenly became aware that the IRS had revoked its tax-exempt status after
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How much do you know about NPO regulations? This Web site provides a central resource for nonprofit organization (NPO) administrators, regulators and the interested public to find information about the laws and regulations controlling NPOs in the U.S. The site has three major sections: a set of informational pages about various general topics, a section
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