The key to making the 168(h) election is to be aware that you can only file it with the GP’s and the not-for-profit’s first tax returns. As long as you set up the partnership the right way and file a written election statement with the IRS, the election will last for the life of the partnership.
For affordable housing properties and not-for-profit organizations, changing the year end date can be part of a strategic plan to better serve those the organization supports. However, this transition can be confusing, and it helps to have the most up-to-date financial statements to help guide decisions.
Moving to a new office location always brings a mix of excitement and stress. Avoid prolonging the stress of the move by being thorough and considering the financial caveats of relocating your not-for-profit.
To get the most from your lawn care service, you need to map out your expectations of the type, quality, and extent of service before signing a contract with the company. Getting quotes from competitors every few years is another helpful way to ensure your price isn’t too high.
When you invest your not-for-profit organization’s money, you want to make sure it’s going to grow and help you accomplish your mission. But all investments come with risk. So help your organization keep track and keep growing your investments by creating a strong investment policy.
If your non-profit organization has been receiving generous donations from a single donor, whether a corporation, family trust, or philanthropist, you may reach the tipping point between being a public charity and a private foundation.
Though interns in a CPA firm may seem like grunt workers, tackling all the menial tasks the staff accountants and managers don’t want to do, they play a vital role in our firm. Hear from a few of our former interns in what they would recommend for someone tackling an audit internship.
When the end of your audit is in sight, the last thing you want to do is answer follow-up questions from HUD about the numbers you submitted. However, these questions are usually easy to answer and will help avoid strongly worded letters and hefty fines.
Though there are many benefits to getting an audit of your financial statements, it’s not always required. Make sure you understand your organization’s financial obligations and goals before seeking what may be an unnecessary expense.
Not-for-profit organizations are mission-focused and often employ scrappy teams who work in multiple roles with the passion of the cause. However, if your organization grows, it may be worth more to your team to focus on your strength zones and not on keeping your own accounting records.