Think of your not-for-profit organizationand its external auditor as dance partners performing a well-choreographed routine. To execute the dance properly, each dancer must complete specific moves and coordinate timing with his or her partner.
In the News
Not-for-profit organizations often struggle with valuing non-cash and in-kind donations, including the value of houses and other real estate. Whether for recordkeeping purposes or when helping donors understand proper valuation for their charitable tax deductions, the task isn't easy.
Maintaining detailed time records for staff may not be your favorite task. Unfortunately, it's not negotiable. Timekeeping -- for volunteers and individuals paid for their work -- is necessary for most not-for-profit organizations. However, there are ways to make the job less onerous.
Does your organization have a succession plan in place? And, if it does, is it well documented? Some not-for-profits delay detailed succession planning, thinking of it as a project they'll get to "someday." But that's a mistake.
The national do-not-call list is in effect, and although non-profit organizations are generally exempt from the regulations, the rules may significantly affect your operations.
Charities, religious and political organizations, as well as their paid and volunteer staff, are generally exempt from the do-not-call rule. Surveys that don't involve solicitations are also exempt.
With salaries on a plateau or rising only slightly at most not-for-profit organizations, employers should be alert to other ways to give their employees a financial break. Having an accountable plan for business expense reimbursement is one way to save your employees some money.
Setting Up a Plan