tag:blogger.com,1999:blog-88956690660078664522024-03-05T06:01:04.190-05:00Treasurer's BriefcaseCloud based record keeping software for non-profits. Simple, Fast, Easy!Anonymoushttp://www.blogger.com/profile/02807950713478055885noreply@blogger.comBlogger15125tag:blogger.com,1999:blog-8895669066007866452.post-36961058201366348182016-09-27T06:30:00.000-04:002016-09-27T06:30:32.199-04:00Common Mistakes When Transitioning to the New TreasurerTransitioning to the new treasurer is an easy process with Treasurer's Briefcase. Essentially all you need to do is<b> add a new user to the system</b>, <b>assign them administrative rights</b> and <b>possibly revoke the privileges of the old treasurer</b>. Here are some things to keep in mind.<br />
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Picking the new treasurer should be a deliberate process that assesses the new treasurer's ability to successfully carry out their duties. The biggest mistake organizations make is selecting the wrong person as treasurer. If you want accurate and timely information, do not force or pressure someone to take the position who does not have the necessary skills or does not have the time to perform the duties of this office. Successful clubs have a strong treasurer that helps the organization achieve its goals.<br />
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Creating reports for your next meeting is a one-click process <b>IF</b> your treasurer has kept up with the record keeping. If your new treasurer is coming to meetings without current financials, you picked the wrong treasurer! Correct that immediately.<br />
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At a minimum the new treasurer must be:<br />
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<b>Trustworthy</b> - they'll be handing your funds so they need to be trustworthy enough to make deposits in a timely fashion and handle money responsibly. Needless to say people who have financial problems or who obviously have issues with their own finances are not good candidates for treasurers. Countless stories can be found on the internet of treasurers that have taken advantage of their access to an organization's accounts.<br />
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<b>Organized</b> - your organization's record keeping is all about the details. Find someone who<br />
understands the details, can help create a budget and who does not shy away from paperwork.<br />
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<b>Able to Understand Computers</b> - <i><b>Treasurer's Briefcase is simple, fast and easy</b></i>, but you still need to know how to login and use a web application. Most folks can handle that with ease and we've made Treasurer's Briefcase easy enough so that working with computers should be a low bar for most treasurers.<br />
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<b>Able to Manage a Checkbook</b> - You need to make sure your treasurer can make deposits, record transactions, and reconcile the bank statement. Again, Treasurer's Briefcase makes the reconciliation process simple, fast and easy.<br />
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Once you've selected the new treasurer, here are some rules to follow:<br />
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Rule 1</h4>
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Every user, including the new treasurer should have their own login account. That means, no generic logins like <b>groveville_pta_treasurer</b> or <b>groveville_pta_president</b>, that's a big security no-no and creates lots of issues. Some clubs have mistakenly set up generic logins and then changed the name of the user to match the new name of the treasurer. <b>NO!</b><br />
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The problem with that approach is that each user in the system is also a contact in our database. The system may have financial transactions associated with that user. If you change the name of the user in the database, you've potentially made Mary Smith, John Jones and it might look like John was reimbursed last year for the bake sale when in fact Mary Smith was reimbursed!<br />
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We recommend that users be given usernames like <b>msmith</b> or <b>jjones</b>.<br />
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Rule 2</h4>
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Revoke the login of previous officers when they no longer need access to the system. When you are sure they no longer need access, revoke their login. You do not need to delete them from the system and in fact if financial transactions are associated with the user, the system will not allow you to do that. It's a good idea to leave the previous treasurer's access in place until the new treasurer is comfortable using the system.<br />
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Rule 3</h4>
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Make sure there are at least 2 administrators setup in the system. As a security precaution, and to prevent fraud, at least 2 users should be able to setup and revoke access.<br />
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Rule 3</h4>
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Assign appropriate privileges to your officers. Officers should at least have the ability to login and view reports. Assign them <b><i>reports</i> </b>privileges when setting them up as a new user.<br />
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<br />Rule 4</h4>
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Keep the organization's and the officer's addresses up to date so that Treasurer's Briefcase can contact you in the event of issues with your account, maintenance events and to make sure that we can provide support to authorized individuals.<br />
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Treasurer's Briefcase is simple, fast and easy. Transitioning to the new treasurer is a simple process if you keep these rules in mind.<br />
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<br />Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8895669066007866452.post-54207797489062938732016-09-26T08:51:00.001-04:002016-09-26T08:51:38.068-04:00How do I record non-cash donations?<br />
<i>Dear Trudy,<br /><br />We have a parent who is donating a 2 night stay at a hotel with breakfast to our program. We are going to put that and a few things (lotion, candles, etc,) into a basket and sell raffle tickets for a fundraiser. The stuff we buy, I know what to do with, but how do I record the donation? Do I have to? Just want to be sure that I do this correctly. </i><br />
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<i>Thanks Trudy!</i><br />
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Many small nonprofits ignore the issues you discussed, but from an IRS reporting standpoint you asked all the right question. Essentially you are asking <b><i>"How do I record non-cash donations to our organization?”</i></b></div>
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In effect there were actually three parts to your transaction:<br />
<ol>
<li>Someone donated to your organization</li>
<li>You used the donation to raise funds</li>
<li>Someone gave you actual cash in a fundraiser</li>
</ol>
So the IRS would like you to show under <b>“Donations”</b> the value of the 2 night stay with breakfast, under “<b>Fundraising</b>” they would like you to show the funds received from auctioning off the 2 night stay AND the cost of that 2 night stay as a <b>fundraising cost</b>.<br />
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Below is an example:<br />
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Sample for 2 night stay valued at $500 eventually auctioned off for $600<br />
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<tr style="height: 14.5pt;"><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 162.35pt;" valign="top" width="216"><div align="right" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt; text-align: right;">
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</td><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 66.5pt;" valign="top" width="89"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt; text-align: center;">
<b><span style="color: black;">Donations<u></u><u></u></span></b></div>
</td><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 66.45pt;" valign="top" width="89"><div align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt; text-align: center;">
<b><span style="color: black;">Fundraising<u></u><u></u></span></b></div>
</td><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 50.2pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt; text-align: right;">
<br /></div>
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<tr style="height: 14.5pt;"><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 162.35pt;" valign="top" width="216"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt;">
<span style="color: black;">2 night stay donated<u></u><u></u></span></div>
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<span style="color: black;">500<u></u><u></u></span></div>
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<br /></div>
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<tr style="height: 14.5pt;"><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 162.35pt;" valign="top" width="216"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt;">
<span style="color: black;">Auction Proceeds Received<u></u><u></u></span></div>
</td><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 66.5pt;" valign="top" width="89"><div align="right" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt; text-align: right;">
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<span style="color: black;">600<u></u><u></u></span></div>
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<br /></div>
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<tr style="height: 14.5pt;"><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 162.35pt;" valign="top" width="216"><div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt;">
<span style="color: black;">2 night stay used<u></u><u></u></span></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-style: none none solid; height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 66.5pt;" valign="top" width="89"><div align="right" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt; text-align: right;">
<br /></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-style: none none solid; height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 66.45pt;" valign="top" width="89"><div align="right" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt; text-align: right;">
<span style="color: black;">-500<u></u><u></u></span></div>
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<br /></div>
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<span style="color: black;">Allocated as follows<u></u><u></u></span></div>
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<span style="color: black;">500<u></u><u></u></span></div>
</td><td style="height: 14.5pt; margin: 0px; padding: 0in 1.5pt; width: 66.45pt;" valign="top" width="89"><div align="right" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt; text-align: right;">
<span style="color: black;">100<u></u><u></u></span></div>
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<br /></div>
</td></tr>
</tbody></table>
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In the end you received $600 but in the eyes of the IRS you received a donation of $500 and a fundraising profit of $100.<br />
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We suggest recording this in your Treasurer's Briefcase account by creating a “fake” checking account called <b>Non-cash Activity</b> and record all non-cash activity in this account. In our <b>2 Night Stay</b> example, when the donation is made you should record an <b>Other In</b> of $500 and categorize to <b>Donations</b>, when the gift is sold at auction, you will show an <b>Other Out</b> and categorize as a <b>cost of the fundraiser </b>in my example <b>“Auction”</b>. <b> </b><br />
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It’s important to note doing it this way memorializes the activity for your organization so you have a record for years to come. Also if someone donates a non-cash item and it isn’t used keep in mind it will actually show up on your treasurer's report as a balance in the<b> Non-cash Activity </b>account. Recording it in this way ensures that you will be reminded it is still available to be used.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-30524549626975136332016-03-24T17:08:00.001-04:002021-11-03T12:28:03.327-04:0017 Top Tools for Small Nonprofits and Volunteers<div align="center" class="MsoNormal" style="text-align: center;">
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<span style="font-family: "calibri"; font-size: 11pt;">Gone are
the days of costly direct mail, door-to-door fundraising and shoeboxes filled
with receipts. There’s a world of helpful nonprofit tools out there, no matter
how small your volunteer organization is! As volunteers ourselves, we know
you’re busy juggling more than a few balls in the air. That’s why we put
together this list of our favorite online tools for volunteers and small
nonprofits. This list has everything from text-to-donate to a favorite design
tool.</span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">Have a
program or software you’d like to suggest to add to the list? Leave a comment! <o:p></o:p></span></div>
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<h2>
<b style="mso-bidi-font-weight: normal;"><span style="color: #3d85c6; font-family: "calibri"; font-size: 20pt;">Small Nonprofit Management</span></b></h2>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWu26Bf7YWuxqhY70dCAqH-QG3zrMW-4nGHXLakcvK4yfjqV-eXJVLpnJ_4xNT8ElCm8pdbwZ45AyDD50EPjGYbZxJ15xiHEpXflxO_1N4keccROSIP8THcWQdy7Y4KrocsxWqyj6n4I4/s1600/Screen+Shot+2016-01-11+at+9.47.59+AM.png"><img border="0" height="219" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWu26Bf7YWuxqhY70dCAqH-QG3zrMW-4nGHXLakcvK4yfjqV-eXJVLpnJ_4xNT8ElCm8pdbwZ45AyDD50EPjGYbZxJ15xiHEpXflxO_1N4keccROSIP8THcWQdy7Y4KrocsxWqyj6n4I4/s320/Screen+Shot+2016-01-11+at+9.47.59+AM.png" width="320" /></a></div>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://www.volunteerspot.com/" target="_blank">VolunteerSpot</a></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What They Offer: </span></b><span style="font-family: "calibri"; font-size: 11pt;">Quickly organize helpers, conferences,
potlucks & events without ‘reply-all’ emails, spreadsheets, and paper
sign-up sheets that get lost. Make assignments from pre-existing paper lists or
for people without email access<o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">Imagine
planning without frustrating ‘reply-all’ email chains, clipboards to pass
around or spreadsheets to juggle. Just check out the list above for all of the
reasons your small nonprofit should be using Volunteer Spot! <o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCx7orG2LVUDV-hma_iFugr2j5gms2sQx3g9D_nkj715uBppw5uWPcjWYh7v120b3gnkU-hkLG-GsxmVjzleXpoCbpOc8ADpzQJIw7E6Dvf0f2Z2YtLk8riUti0qia83D4DOd-Razjpx0/s1600/Screen+Shot+2016-01-11+at+10.26.18+AM.png"><img border="0" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCx7orG2LVUDV-hma_iFugr2j5gms2sQx3g9D_nkj715uBppw5uWPcjWYh7v120b3gnkU-hkLG-GsxmVjzleXpoCbpOc8ADpzQJIw7E6Dvf0f2Z2YtLk8riUti0qia83D4DOd-Razjpx0/s320/Screen+Shot+2016-01-11+at+10.26.18+AM.png" width="320" /></a></div>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://www.ptoffice.com/" target="_blank">PTOffice</a></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;"><b>What They
Offer</b>: Fundraising, emailing, directories, websites and sign ups <o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">Your
all-in-one solution for busy PTO’s. Over 1,426 schools served so far! They will
even </span><span style="background: white; font-family: "calibri"; font-size: 11pt;">create
your organization’s website for you. </span><span style="font-family: "calibri"; font-size: 11pt;"><o:p></o:p></span></div>
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<h2>
<b style="mso-bidi-font-weight: normal;"><span style="color: #3d85c6; font-family: "calibri"; font-size: 20pt;">Fundraising, Record-Keeping & Treasury</span></b></h2>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghdbVsK1qiLf4jlYTXzYLvoHk2aXwZJ79ED7SPKT4I2GWQZsGiunLRCsSHiC7xJ9qySPQ7ZT9JXtKElyDB-6Jz_5oKm-TuE8XJdidL1kzHGoO-q9rqhWo3-cintsqahBYCW5sGumlqa6c/s1600/Screen+Shot+2016-01-11+at+9.44.24+AM.png"><img border="0" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghdbVsK1qiLf4jlYTXzYLvoHk2aXwZJ79ED7SPKT4I2GWQZsGiunLRCsSHiC7xJ9qySPQ7ZT9JXtKElyDB-6Jz_5oKm-TuE8XJdidL1kzHGoO-q9rqhWo3-cintsqahBYCW5sGumlqa6c/s320/Screen+Shot+2016-01-11+at+9.44.24+AM.png" width="320" /></a></div>
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<span style="font-family: "calibri"; font-size: large;"><a href="https://txt2give.co/" target="_blank">Txt2Give</a></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What They Offer: </span></b><span style="background: white; font-family: "calibri"; font-size: 11pt;">If your donors can
send a text message, they can make a donation. And with Txt2Give, they can give
from <span style="mso-bidi-font-weight: bold;">anywhere</span>, at <span style="mso-bidi-font-weight: bold;">anytime</span>. Whenever generosity strikes.</span><span style="font-family: "calibri"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">It's as
easy as sending a text message. Donors text the word Give with the
amount (e.g. Give 100 for $100) to a number assigned to your
organization. After they complete a one-time registration process, the funds
are transferred to your bank account. It's that easy.<o:p></o:p></span><br />
<span style="font-family: "calibri"; font-size: 11pt;"><br /></span>
<span style="font-family: "calibri"; font-size: 11pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib86Xz77NjU70nDGCMdipvzKTqCC1NqNpC2wCsywUemAvEmHiCxl5NR4nomVFVdfmrTvbyn8stApFp-gmMwyuLgn1iZDAWYyJtCLxtO17toEMzsv4nzsneSr2dpScNhJP_E_r__PMKRwc/s1600/SM-Default_thing-CR.jpg"><img border="0" height="169" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib86Xz77NjU70nDGCMdipvzKTqCC1NqNpC2wCsywUemAvEmHiCxl5NR4nomVFVdfmrTvbyn8stApFp-gmMwyuLgn1iZDAWYyJtCLxtO17toEMzsv4nzsneSr2dpScNhJP_E_r__PMKRwc/s320/SM-Default_thing-CR.jpg" width="320" /></a></span><br />
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<a href="https://www.crowdrise.com/" style="font-family: calibri; font-size: x-large;" target="_blank">Crowdrise</a><br />
<span style="font-family: "calibri"; font-size: 11pt;"><b>What They Offer</b>: Online Fundraising & Crowdfunding<o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;"></span><br />
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<span style="font-family: "calibri"; font-size: 11pt;">We compared many different fundraising softwares and Crowdrise was one that came out on top. With transaction fees of 3% and just a $50 a month (credit card transaction fees included), it’s ideal for small AND medium nonprofits. Plus, there are no fundraising goal or deadline requirements so you keep what you raise.</span></div>
</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfsQ4LvRzDTRUeyFmqV2eeI9KIPlvaTsFNPguSA2QthoCCIz3wxyoJPCxo3zCowNIH2K_QHnwutRRkr-LxWFuf_OxHLNnwbClay8plS9GzrUvi7POPHhok9tbjRx6VW3m7_xdKDCyPN0o/s1600/11051905_724775414287025_5388564126879001815_n.jpg"><img border="0" height="118" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfsQ4LvRzDTRUeyFmqV2eeI9KIPlvaTsFNPguSA2QthoCCIz3wxyoJPCxo3zCowNIH2K_QHnwutRRkr-LxWFuf_OxHLNnwbClay8plS9GzrUvi7POPHhok9tbjRx6VW3m7_xdKDCyPN0o/s320/11051905_724775414287025_5388564126879001815_n.jpg" width="320" /></a></div>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://treasurersbriefcase.com/" target="_blank">Treasurer's Briefcase</a></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What We Offer: </span></b><span style="font-family: "calibri"; font-size: 11pt;">Checkbook maintenance &
recordkeeping solutions, tax return services, budget & fundraising treasurer
reporting and secure document storage in the cloud<o:p></o:p></span></div>
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<br /></div>
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<span style="background: white; font-family: "calibri"; font-size: 11pt;">Because small non-profit groups often have unique
governmental and organizational filing requirements, traditional accounting
software is either too complex, too expensive or sometimes just doesn't meet
your needs.</span><span style="font-family: "calibri"; font-size: 11pt;"> <span style="background: white;">Treasurer's Briefcase provides a mechanism for
organizations to create transparency as well succession planning for
treasurers. No longer are cartons of documents or big messy binders passed from
one volunteer to another.</span><o:p></o:p></span></div>
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<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE8KJ2CbCsMh_Ot8NIMV2IF5L8D4vUYcE2cybYe2NrgylmbM4qCdQyg-MDVu2oxjkwerCzeN9XEe3Ln1MsvLmNULbKpKSedQ5sFwfpJJmkS8abunTzfn0bNHooL7VPssP79Ri6dRHabPM/s1600/causevox-the-enterprise-fundraising-solution-2-638.jpg"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE8KJ2CbCsMh_Ot8NIMV2IF5L8D4vUYcE2cybYe2NrgylmbM4qCdQyg-MDVu2oxjkwerCzeN9XEe3Ln1MsvLmNULbKpKSedQ5sFwfpJJmkS8abunTzfn0bNHooL7VPssP79Ri6dRHabPM/s320/causevox-the-enterprise-fundraising-solution-2-638.jpg" width="320" /></a></div>
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<br /></div>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://www.causevox.com/" target="_blank">Causevox</a></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;"><b>What They
Offer</b>: Online Fundraising & Crowdfunding<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "calibri"; font-size: 11pt;">Another
crowdfunding software that came out on top was CauseVox. No monthly fees until
you raise $5,000 + starter plan is only 2.5% Causvox transaction fee with $0
per month (credit card transaction fees apply) <o:p></o:p></span></div>
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<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPvEZ55pW-vsiKOfYTJUJLsZ7gPT_NNfcjHygNcJNroA1pzYBBWCa83AXXMLVphae3_AFsMDi6nXCEC2OsPND58EsbHDAskfBVvgqpv9ItZAk8zstzytCzZOJTOoTWpRIDU4304LniwFo/s1600/classy.png"><img border="0" height="184" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPvEZ55pW-vsiKOfYTJUJLsZ7gPT_NNfcjHygNcJNroA1pzYBBWCa83AXXMLVphae3_AFsMDi6nXCEC2OsPND58EsbHDAskfBVvgqpv9ItZAk8zstzytCzZOJTOoTWpRIDU4304LniwFo/s320/classy.png" width="320" /></a></div>
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<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<span style="font-family: "calibri"; font-size: large;"><a href="https://www.classy.org/" target="_blank">Classy</a></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What They Offer:</span></b><span style="font-family: "calibri"; font-size: 11pt;"> Crowdfunding, peer-to-peer, event
registration & website donations all under one roof.<o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">Classy is
the #1 online and mobile fundraising platform. Their starter plan is free and
ideal for smaller organizations with single campaigns or events.<o:p></o:p></span></div>
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<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN1VxH7JPyD3VX_pf20aT5NSc6P9gJZd46X3_4m9QyQcaS1mBkCJ29dIUslGLrU4Du6ainU5JEqI-MCLkvfl3POfm-BJ11L4nNSO2ibUsDNtkZ94mAK4JDMueZEXLhf2kmjqaKoiYZPE4/s1600/Screen+Shot+2016-01-11+at+9.45.42+AM.png"><img border="0" height="196" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN1VxH7JPyD3VX_pf20aT5NSc6P9gJZd46X3_4m9QyQcaS1mBkCJ29dIUslGLrU4Du6ainU5JEqI-MCLkvfl3POfm-BJ11L4nNSO2ibUsDNtkZ94mAK4JDMueZEXLhf2kmjqaKoiYZPE4/s320/Screen+Shot+2016-01-11+at+9.45.42+AM.png" width="320" /></a></div>
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<div class="MsoNormal">
<span style="font-family: "calibri"; font-size: large;"><a href="https://fconline.foundationcenter.org/" target="_blank">Foundation Directory Online</a></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What They Offer:</span></b><span style="font-family: "calibri"; font-size: 11pt;"> A thorough database, comprising
more than 140,000 grantmakers, that is updated weekly so you can count on the
accuracy of results<o:p></o:p></span></div>
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<br /></div>
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<a href="https://www.blogger.com/blogger.g?blogID=8895669066007866452" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;">\</a><span style="font-family: "calibri"; font-size: 11pt;">FDO makes
it easy to turn foundations into funders. It’s the only resource you need to
search for the foundations most likely to give you grants and manage your
prospects through to funding.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "calibri"; font-size: 11pt;">FDO
simplifies and speeds up your process with Multiple filters and an assessment
tool help you quickly identify your best potential funding sources AND A
prospect management platform that automates much of the grantseeking process
and stores your data for you.<o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
</div>
<br /></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "calibri"; font-size: large;"><a href="http://kilambeusa.com/" target="_blank">Kilambe Javathon Fundraiser</a></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What They Offer: </span></b><span style="font-family: "calibri"; font-size: 11pt;">A coffee fundraiser fueled by
social media <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "calibri"; font-size: 11pt;">The
Javathon Fundraiser is designed specifically to assist nonprofit organizations.
</span><span style="background: white; color: black; font-family: "calibri"; font-size: 11pt;">Customers looking for premium gourmet coffees will gladly pay
higher prices for the best available. Add to that premium teas and beverages
and you have tremendous potential for success. <span style="border: 1pt none windowtext; mso-bidi-font-style: italic; mso-border-alt: none windowtext 0in; padding: 0in;">Traditional
product fundraisers offering cookie dough, candles, sweets or chocolates can’t
make that claim</span>.</span><span style="font-family: "calibri"; font-size: 11pt;"><o:p></o:p></span></div>
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type="#_x0000_t75" alt="Description: Macintosh HD:Users:Samantha:Downloads:treasurersbriefcase.png"
style='width:6in;height:108pt;visibility:visible;mso-wrap-style:square'>
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o:title="treasurersbriefcase.png"/>
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<a href="https://www.treasurersbriefcase.com/info/7%20keys" target="_blank"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkxsp3XlipCh0WHQMkuF393_-_ZHpb4Np1XIGq2VFcyzrdmhY7Q-D2_NS_9g-I6TQWOvSGKDFib3nxIRcmMnEcQNu-m8nkF0LUw-WnJrKvuQa-UDSMndCcsaCvjcf4R2H79npGCXs8Ms0/s640/treasurersbriefcase.png" width="500" /></a></div>
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<h2>
</h2>
<h2>
<b style="mso-bidi-font-weight: normal;"><span style="color: #3d85c6; font-family: "calibri"; font-size: 20pt;">Connecting With Volunteers</span></b></h2>
</div><div class="MsoNormal"><br /></div>
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<span style="font-family: "calibri"; font-size: 11pt;"><!--[if gte vml 1]><v:shape id="Picture_x0020_2" o:spid="_x0000_i1032"
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<br /></div>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://skillsforchange.com/" target="_blank">Skills For Change</a></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What They Offer:</span></b><span style="font-family: "calibri"; font-size: 11pt;"> Volunteers to help with web-based
projects <o:p></o:p></span></div>
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<div class="MsoNormal">
<span style="font-family: "calibri"; font-size: 11pt;">An online
portal of volunteers that have signed up to offer small amounts of time to
complete Web-based projects requested by nonprofits. Known as micro-volunteers,
these individuals offer one or two hours a week to complete “Challenges” in the
areas of technology, design, research, etc. Free for nonprofits, it’s an easy
way to tap into a skilled volunteer network without committing a lot time to
volunteer management.<o:p></o:p></span></div>
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type="#_x0000_t75" style='width:270pt;height:100pt;visibility:visible;
mso-wrap-style:square'>
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o:title=""/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span><span style="font-family: "calibri"; font-size: 11pt;"><o:p></o:p></span></div>
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</div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU20bEutzp6pvbG9ZPFR7R8_z9ysMwAkxa4eOjGqkAwhUy4YL6z5GlwwS4jbvIo13-YOq1YPwIZc3_TZR2R05hDnEoT5IUVcZBRJhPqeAIeib4HYzMsCk5xkG0-dN3989BwqjCFBKYfDw/s1600/1529897_10152139768222764_1257381553_o.jpg"><img border="0" height="118" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU20bEutzp6pvbG9ZPFR7R8_z9ysMwAkxa4eOjGqkAwhUy4YL6z5GlwwS4jbvIo13-YOq1YPwIZc3_TZR2R05hDnEoT5IUVcZBRJhPqeAIeib4HYzMsCk5xkG0-dN3989BwqjCFBKYfDw/s320/1529897_10152139768222764_1257381553_o.jpg" width="320" /></a><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: "calibri"; font-size: large;"><a href="http://www.volunteermatch.org/" target="_blank">VolunteerMatch</a></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What They Offer: </span></b><span style="font-family: "calibri"; font-size: 11pt;">Matchup with volunteers in your
area<o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">VolunteerMatch
believes everyone should have the chance to make a difference. That's why they
make it easy for good people and good causes to connect. They have connected
millions of people with a great place to volunteer and helped tens of thousands
of organizations better leverage volunteers to create real impact. <o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;"><!--[if gte vml 1]><v:shape id="Picture_x0020_14" o:spid="_x0000_i1030"
type="#_x0000_t75" style='width:252pt;height:95pt;visibility:visible;
mso-wrap-style:square'>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://www.idealist.org/" target="_blank">Idealist</a></span></div>
<div class="MsoNormal">
<span style="font-family: "calibri"; font-size: 11pt;">What They
Offer: Listings for volunteer positions<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
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Too many good ideas for making the world a better place go
unheard or unrealized, so Idealist is all about connecting idealists - people
who want to do good - with opportunities for action and collaboration.<o:p></o:p></div>
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<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 20pt;">Marketing Tools<o:p></o:p></span></b></div>
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type="#_x0000_t75" style='width:260pt;height:137pt;visibility:visible;
mso-wrap-style:square'>
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o:title=""/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span><span style="font-family: "calibri"; font-size: 11pt;"><o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNLoaaEi1ydaqgb78NeQCWVinQnbRdY36L4gLwSKmg6XowjwBmg9haHPOFV5tWFzCvkywQ4boRzEr_A3_AIfEvHrF1fXvAZEDjRYNQ74JljIa9JlbhXGVoLkEYWxZ5sq7exKJV83xDiQE/s1600/og_image.jpg"><img border="0" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNLoaaEi1ydaqgb78NeQCWVinQnbRdY36L4gLwSKmg6XowjwBmg9haHPOFV5tWFzCvkywQ4boRzEr_A3_AIfEvHrF1fXvAZEDjRYNQ74JljIa9JlbhXGVoLkEYWxZ5sq7exKJV83xDiQE/s320/og_image.jpg" width="320" /></a><br />
<br /></div>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://mailchimp.com/" target="_blank">Mailchimp</a></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri"; font-size: 11pt;">What They Offer:</span></b><span style="font-family: "calibri"; font-size: 11pt;"> Free email newsletter campaigns<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "calibri"; font-size: 11pt;">If you
have 2,000 subscribers or less, Mailchimp is free and very user-friendly. Use it to stay top of mind with your advocates. <o:p></o:p></span></div>
<div class="MsoNormal">
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfkTmBwWUXdPYzf0Sok9be5VAsC0ObTVUoKmrfVvz4CwpA5pQA4Fmm44nE3B1jGP04SK9wiPP2GwDzDBTZlP_j5MuZRa-TPpeU5zcKEEOOgkFEcN9TTYBAGlB4dI8VJ5pIgQU-irXWuWI/s1600/JustCoz.png"><img border="0" height="118" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfkTmBwWUXdPYzf0Sok9be5VAsC0ObTVUoKmrfVvz4CwpA5pQA4Fmm44nE3B1jGP04SK9wiPP2GwDzDBTZlP_j5MuZRa-TPpeU5zcKEEOOgkFEcN9TTYBAGlB4dI8VJ5pIgQU-irXWuWI/s320/JustCoz.png" width="320" /></a><br />
<br /></div>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://justcoz.org/" target="_blank">Justcoz</a></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">What They
Offer: Community-based social media exposure for nonprofit organizations<o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">Harness
people’s passion – Ask people to volunteer their social media voice by
becoming your supporters with justcoz. It’s free and easy to do. Justcoz
provides you with the tools and data to plan your campaign, compose your
message and tell the world about your organization. They send your message
through your supporters’ personal social media accounts, optimizing your
message reach and impact.<o:p></o:p></span></div>
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type="#_x0000_t75" style='width:271pt;height:145pt;visibility:visible;
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<span style="font-family: "calibri"; font-size: large; text-decoration: none;"><a href="http://canva.com/" target="_blank">Canva</a></span><span style="font-family: "calibri"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">What They
Offer: Free design program for flyers, social media images, etc. <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "calibri"; font-size: 11pt;">With
simple drag and drop functionality, everyone on your team can create
professional graphics that communicate your organization's mission. Apply for
your FREE not-for-profit organization subscription to Canva for Work for
extra features.</span><br />
<span style="font-family: "calibri"; font-size: 11pt;"><br /></span>
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<span style="font-family: "calibri"; font-size: large;"><a href="http://greatnonprofits.org/" target="_blank">Great Nonprofits</a></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">What They
Offer: Local nonprofit directory <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "calibri"; font-size: 11pt;">Your
nonprofit listing is populated with stories and reviews are submitted by people
who know you best -- your clients, donors, volunteers, and others-- all those
who have experienced the impact of nonprofit work up close!<o:p></o:p></span></div>
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<br />
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<span style="font-family: "calibri"; font-size: large;"><a href="http://www.totemapp.com/" target="_blank">Totem App</a></span></div>
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<span style="font-family: "calibri"; font-size: 11pt;">What They
Offer: professional looking and comprehensive press pages for your website<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "calibri"; font-size: 11pt;">Typically,
a press page is a place for you to put all the information a reporter needs to
write about you. If they’re writing a story about your organization, they’ll
often need to use a logo, fact sheet, a photo or two, some video. The problem
is this kind of information isn’t available on most websites. Many nonprofit
sites aren’t designed with the reporter in mind, and there is much to gain by
making it easier for a reporter to cover your news. Totem will build your page
for you in 48 hours or less! <o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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Anonymoushttp://www.blogger.com/profile/02807950713478055885noreply@blogger.com2tag:blogger.com,1999:blog-8895669066007866452.post-65276748288044465322015-06-02T06:00:00.000-04:002015-06-02T06:00:00.975-04:00How Did You Do This Year?<div class="separator" style="clear: both; text-align: center;">
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It's transition season. New boards are being elected, final tally's from your fundraisers are being done and you're spending the last of the money on those projects you planned in September. How successful were you as an organization? Did you meet your goals and fulfill your mission?<br />
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<a name='more'></a><br />
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Interesting questions to be sure, but how do you answer them? Here are some questions you should be asking as you transition to new officers and some ideas for getting answers.<br />
<br />
<h3>
How Successful were our Fundraisers?</h3>
<br />
At the beginning of the year you selected 3 or 4 fundraisers your group would execute, probably spaced equally around the school year and sometimes based on seasonality (Fall, Winter, Spring). If you have been keeping good records and recording expenses and revenue against each fundraiser, then the math is pretty simple.<br />
<br />
<b>Profit = Revenue - Expenses</b><br />
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Make sure you are assigning your expenses to the proper fundraiser and keeping track of all expenses and revenue. <b><i>If you are using Treasurer's Briefcase, you'll be able to simply run the Fundraising Report and send it to your board and fundraising committee so you can discuss your results at your final meeting of the year.</i></b> Keeping good records allows you to compare fundraisers from year to year to determine the percentage of profit you get from each and make good decisions about which to do again next year.<br />
<br />
<h3>
Did We Fulfill Our Mission?</h3>
<br />
How much did you spend on each program? Expenses for programs (like field trips, playground equipment, assembly programs, etc) will tell you the level at which you are funding the school or booster club. You should have created a budget at the beginning of the year that allocates funds for each of the programs your board has decided upon. Determine how close you came by comparing your program expenses to that budget. <i><b> If you're using Treasurer's Briefcase just run the Budget Variance report.</b></i><br />
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<h3>
Are We Transparent as an Organization?</h3>
<br />
Do you publish your financials so all of your members can see how the money is spent? It's a good practice to have your financials ready and accurate to answer any questions <b>parents</b>, <b>teachers</b> or <b>school</b> <b>administrators</b> might have regarding how you run your organization. Treasurer's Briefcase makes reporting as easy as clicking one button to produce your Treasurer's Report. Not only is this a good thing to do to insure that your stakeholders maintain trust in your mission, as a public charity you are required to make your financials available to the public. Creating more transparency around your organization will create trust and cooperation from parents and the public - <i><b>that will directly translate into more revenue to fund programs!</b></i><br />
<br />
In talking with many PTOs and PTAs this year from NJ to Texas I can assure you that every problem your organization faces is being faced by other organizations just like yours. You are definitely not alone. The presidents tell me their treasurer's don't give them up to date information, the treasurers tell me the officers don't give them receipts or deposits or the proper tools to do their jobs. Now is the time to assess how you and your officers performed as an organization.<br />
<br />
How can you do better? Did we give our officers the right tools to do their jobs? <b><i>You can't improve what you don't measure</i></b>. Keeping good records is the best way to stay on track and help answer all of the questions you should be asking in your self assessment. Avoid the headaches and question marks about your effectiveness by making sure your records are current and accurate.<br />
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Oh and don't forget you're going to have to file that tax return in a few months and it’s open to public inspection. Just another reason to use record keeping software like Treasurer’s Briefcase.<br />
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<div style="text-align: center;">
<i><span style="font-size: large;"><a href="https://www.treasurersbriefcase.com/setup/" target="_blank">Sign up for a free trial account and start entering your transactions today.</a></span></i></div>
<br />Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8895669066007866452.post-13231129827805468812014-05-16T12:48:00.002-04:002015-05-20T16:51:05.723-04:00How to Make the Transition to a New Treasurer in 2 Easy Steps!I've recently seen some emails from treasurers who are transitioning to a new board and it reminded me to let everyone know again just how easy it is to do that with <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase.</a><br />
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<a name='more'></a><br />
The comedian Steve Martin would do a little skit - "How to be a millionaire and never pay taxes!"<br />
<ul>
<li>First, get a million dollars...</li>
<li>Next, when the IRS comes to your door, 2 simple words! "I forgot!"</li>
</ul>
I guess that's sort of how you transition to the next treasurer...<br />
<ul>
<li>First, find a treasurer...</li>
<li>Next, give them an account on <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase</a>!</li>
</ul>
Seriously, we all know the first part is probably the hardest part. Finding someone to be the treasurer can be difficult. You want someone you can trust with this important job, hopefully someone with some knowledge of basic accounting and who has organizational skills.<br />
<br />
It's not that easy sometimes to find the right person. It's even harder when the last treasurer did a poor job, the finances are a mess and no one knows where the records are. If you want to make it easy, year in and year out to find a treasurer, make the job easy with Treasurer's Briefcase.<br />
<br />
If you are the president of the organization you can make it much easier to find and retain a good treasurer by giving him or her the right tool and by not asking them to clean up someone else's mess all of the time. Handing someone a box of records and a disk with some <b>Excel spreadsheets is not the way to make it easy on the next volunteer</b>.<br />
<br />
So, really, how do you transition to the next treasurer using <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase</a>?<br />
<ul>
<li>First, add the new treasurer as a user by accessing the <b>Settings->Users</b> menu and clicking on the Add User button.</li>
</ul>
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<ul>
<li>Then, set the new user as the <b>primary contact </b>by accessing the Settings->Organization menu and changing the primary contact in the drop down.</li>
</ul>
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Yup, it's that simple. You're done...and now it's Tina's turn!<br />
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<br />Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-8895669066007866452.post-15355315619932980212014-03-10T09:30:00.000-04:002014-03-10T23:39:40.087-04:00Has the IRS revoked your nonprofit status?<b>Fun or Not So Fun Fact:</b> A review of the February 10, 2014 IRS nonprofit <b>revocation </b>list shows 2,620 names were added this month alone.<br />
<div>
<br />
The Pension Protection Act of 2006 directed the IRS to revoke the tax exemption of any nonprofit that is required to file an annual information return but failed to do so for three consecutive years. Revocation is automatic and mandatory under the law.</div>
<div>
As a result hundreds of thousands of exempt organizations had their tax-exempt status revoked. Many were smaller organizations that were not aware of the 2006 law change that required all exempt organizations (except churches) to file annual returns, regardless of how small their annual receipts may be.<br />
<a name='more'></a></div>
<div>
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Here at <a href="http://www.treasurersbriefcase.com/">Treasurer’s Briefcase </a>we're working hard to continually improve our record keeping solution for small nonprofits so we can make compliance <b>Simple</b>, <b>Fast</b> and <b>Easy</b>! It appears the IRS is also trying.<br />
<br />
<h3>
Relief is on the Way</h3>
On January 2 this year the IRS issued guidance in <a href="https://drive.google.com/file/d/0B0KwCfmETmmzc2dHTjJFeWpiVk0/edit?usp=sharing">Revenue Procedure 2014-11</a> to clarify and streamline the process for small non-profits to have its tax-exempt status reinstated, on a retroactive basis. With a retroactive reinstatement, there is no gap in the organization's tax-exempt status. Meaning, there would be no need to file returns as a taxable organization and donors contributions will still be deductible.<br />
<br />
This streamlined process applies to <i>small</i> nonprofits with annual gross receipts below $200,000, and total year-end asset value below $500,000. <br />
<br />
A <i>small</i> nonprofit may apply for retroactive reinstatement by filing a new Form 1023 (or 1024), along with Forms 990-EZ for those past years in which it was required, but missed. If the nonprofit was eligible to file Form 990-N for any or all of the missed years, those do not have to be filed in arrears. Reasonable cause for failing to file the missed tax returns will now be assumed, and does not need to be demonstrated by a written submission. Also, late filing penalties for the prior year Form 990-EZs will be abated. <br />
<br />
You must pay the user fees when filing your 1023 or 1024. Those fees are $400 for nonprofits with annual gross receipts of less than $10,000 and $850 for those with gross receipts of more than $10,000.<br />
<br />
<b>There is a time limit: in order to take advantage of this process, the new application must be filed within 15 months of the revocation.</b> If it is filed later, the organization must affirmatively demonstrate reasonable cause for failing to file its returns in order for tax-exempt status to be restored retroactively. That means the organization must show that it exercised "ordinary business care and prudence" in determining, and attempting to comply with, its reporting requirements.<br />
<br />
The IRS is working to provide a more current list by including organizations on their Automatic Revocation List within a month of the effective date of revocation. We suggest if you aren’t certain whether you have been revoked, and if so when, that you review the list to see if you still have time to benefit from the IRS’ revenue procedure.</div>
<div>
<br /></div>
<div>
Check the revocation list by clicking the link below:</div>
<div>
<br />
<a href="http://apps.irs.gov/app/eos/mainSearch.do?mainSearchChoice=revoked&dispatchMethod=selectSearch">Has my group been revoked?</a></div>
<div>
<span style="font-size: x-small;">If you're group has been revoked Lauer-Millen, CPAs can assist you in filing the filing of a 1023 or 1024 for a fee. Contact Dave Lauer @ <a href="mailto:dlauer@lauer-millencpa.com">dlauer@lauer-millencpa.com</a></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-87055861624613021372014-03-03T09:00:00.000-05:002015-08-08T08:39:47.301-04:00We're small...do the IRS rules apply to us?The short answer is yes. The <b><i>rules</i> </b>apply to all organizations that raise funds from the public. It just depends on what rules we're talking about. The amount of revenue your club generates will determine which rules it should follow.<br />
<div>
<br /></div>
<div>
During an appointment with one of my individual tax clients this week I took some time to demonstrate <a href="http://www.treasurersbriefcase.com/">Treasurer’s Briefcase</a>. I explained that, for even his small non-profit, <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase</a> would be of tremendous value. Along with all of the other benefits of a cloud based record keeping package, I described how providing a platform that can be handed off from one treasurer to another treasurer helped to provide a consistent repeatable process for the organization would make recruiting treasurers easier and make reporting uniform.<br />
<br />
He liked the software but then explained, “We’re a small non-profit so the rules don’t apply to us.” The normal half hour interview turned into an hour so I could answer his questions about nonprofits and correct this common misperception.<br />
<div dir="ltr" style="line-height: 1.1500000000000001; margin-bottom: 10pt; margin-top: 0pt;">
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<a name='more'></a><br />
My client was correct in thinking that some nonprofits <b>will</b> qualify as 501(c)(3) organizations due to their small size. Donations to these organizations will in fact be tax deductible even though the organization never formally applied for, or obtained, a determination letter from the IRS. Organizations that fall into this category are fortunate because they <i>are not required to file a complicated tax exemption application (Form 1023)</i>, <i>can avoid paying an IRS user fee</i>, and <i>do not have to wait many months for the IRS to issue a determination letter</i>. I call these nonprofits, micro-nonprofits.<br />
<br />
This benefit is offered to charities whose annual gross receipts are <b>normally less than $5,000</b>. <i>Gross receipts</i> means the total amount of income your nonprofit receives from all sources during its annual accounting period, without subtracting any costs or expenses.<br />
<br />
A nonprofit <b>does not need to have less than $5,000</b> in gross receipts every year to pass this test. It can earn more in the first years of formation and still qualify. For purposes of the test, an organization normally does not have more than $5,000 in annual gross receipts if:<br />
<div dir="ltr" style="margin-bottom: 10pt; margin-top: 0pt;">
</div>
<ul>
<li>during its first tax year it received gross receipts of $7,500 or less</li>
<li>during its first two years it received a total of $12,000 or less in gross receipts, and</li>
<li>if in existence for at least three years, it received $15,000 or less in gross receipts during the immediately preceding two years plus the current year.</li>
</ul>
<b>If your nonprofit starts to grow and no longer passes the gross receipts test, it must file Form 1023 within 90 days of the end of the year in which it exceeded the threshold.</b> If you do so, your nonprofit will be recognized by the IRS as a Section 501(c)(3) tax exempt organization retroactively from the date of its creation. A nonprofit that files an application after the deadline may be recognized as tax exempt only from the date of the application.<br />
<br />
<h3>
Should You Apply Anyway?</h3>
<br />
We recommend micro-nonprofits apply for Section 501(c)(3) exempt status from the IRS even though they may not be be required to do so early in their formation. There are multiple reasons to incur this expense and added work now.<br />
<div>
<ol>
<li>A favorable determination letter from the IRS assures prospective contributors that their contributions will be tax deductible. </li>
<li>Most large corporations and institutional funders will only fund nonprofits with an IRS determination letter. If you are a very small booster club and a new parent has a great connection with a fortune 500 company looking to support your club you could miss an opportunity if you have to wait six months for an IRS determination.</li>
<li>In my professional tax experience the most important reason; odds are the Treasurer six years from now won’t be familiar with the rules when your organization’s gross receipts exceed the limit. Suddenly you will find yourself on the IRS revoked list and suffer the embarrassment of potential penalties, taxes and loss of deductions for contributors.</li>
</ol>
<div>
<b style="font-family: 'Times New Roman';"><span style="line-height: 1.1500000000000001; white-space: pre-wrap;">IRS Rules Still Apply</span></b></div>
<br />
The last part of my meeting with my client was spent reminding him that all the rules applicable to nonprofits that are formally recognized as 501(c)(3) organizations by the IRS also apply to micro-nonprofits. For example:<br />
<div dir="ltr" style="margin-bottom: 10pt; margin-top: 0pt;">
</div>
<ol>
<li>The mission must meet one of the following purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering amateur sports competition, or preventing cruelty to children or animals and may not be illegal or violate fundamental public policy.</li>
<li>The net earnings may not inure to the benefit of any private individual or shareholder.</li>
<li>No substantial part of the nonprofit's activity may be attempting to influence legislation.</li>
<li>The nonprofit may not intervene in political campaigns.</li>
</ol>
He left with a better understanding of the rules for small charities and recognized “the rules always apply!”<br />
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<span style="font-family: 'Times New Roman'; font-size: 15px; vertical-align: baseline; white-space: pre-wrap;"></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-34626720191057644262014-02-24T09:00:00.000-05:002014-03-02T17:01:21.197-05:00Fiscally Speaking - When does your year end? Part IILast week I suddenly realized that the 990 was due for the local charity I serve as Treasurer.<br />
<br />
The good news is I finished the return and had it e-filed by the end of the day. Luckily in our state of New Jersey, they give us more time to file our report with the Division of Consumer Affairs. So I can say now with a smile they were timely filed!<br />
<br />
In last week's blog I reviewed the reasons why you might want to choose a fiscal year end date in a month other than December. In the case of the baseball league in which I volunteer, an October fiscal year-end makes the most sense since the season ends by early September and we begin taking registrations for the new season in November and December. This gives our Treasurer plenty of time during the slow months of November through January to get the records in order for filing the returns. It also allows our board ample time to recruit volunteers for the next season. A task that has now been made much easier because of <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase.</a><br />
<br />
Last week I promised I would provide instructions on how you can change your fiscal year end if it is less than ideal.<br />
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<a name='more'></a><br />
The IRS requires most entities to change their fiscal year end by filing form 1128 <b>“Application to Adopt, Change, or Retain a Tax Year”</b>. However, most organizations exempt under Internal Revenue Code 501(a) do not have to file form 1128.<br />
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Internal Revenue Procedure 85-88 simplified the procedure to be followed by certain organizations exempt under section 501(a) who wish to change their accounting periods.<br />
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Organizations desiring to change their annual accounting periods may effect the change by timely filing the applicable information return, Form 990 (<b>Return of Organization Exempt from Income Tax</b>) with the appropriate Internal Revenue Service Center for the short period for which a return is required. The Form should indicate that a change of accounting period is being made. Meaning if your organization is a calendar year end and you wish to change to a June year end you would file form 990 by November 15th and report the results for January through June of that year.<br />
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<b><span style="background-color: yellow; font-size: large;">As a reminder Form 990 must be filed by the fifteenth day of the fifth month following the close of the short period.</span></b><br />
<br />
Organizations filing 990-N, (tax-exempt organizations with gross receipts of $50,000 or less must file this form), will have to take an extra step or two. If you are filing a 990-N, IRS system will not allow you to file if you choose a year end other than the one on file with the IRS. Effectively meaning you can’t file a short year 990-N.<br />
<br />
Your two options are explained below.<br />
<br />
<h3>
Option 1</h3>
<br />
Immediately upon completion of your normal year, file your 990-N, and then send correspondence to the IRS requesting they change your year end to the new desired date. For example if you currently have a calendar year end and wish to change to a June year end, file your 990-N in early January and simultaneously send the change request to the IRS. This should give them ample time to update their system for the coming short year 990-N. Be prepared to follow up with the IRS to ensure the change has been made!<br />
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Here we have provided the preferred language for a letter or fax to the IRS to request the change.<br />
<br />
<a href="https://docs.google.com/document/d/11mvWJsapf1_np565FuGboYuDk0ytjlZC3o-6-cO21ek">Click here for the letter.</a><br />
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<a href="https://docs.google.com/document/d/1aRSYz1JZS5AZaNHJEwJ1-LPGmJO9JQK_MaAiPa_gNAA">Click here for the fax.</a><br />
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<h3>
Option 2</h3>
<br />
Keep in mind you are not forced to file 990-N, you actually can file form 990-EZ if you wish. You could file your 990-N for the traditional full year that has just passed and then file form 990-EZ for the short year. It is important to note you must file a full and complete 990-EZ. Of course, as noted above, this form should indicate that a change of accounting period is being made.<br />
<h3>
</h3>
<h3>
Don’t Fear Change</h3>
<br />
You shouldn't be afraid to change your fiscal year end date as long as it makes sense and your board approves. Consult your accountant if you have questions, then review your reasons with the board, request a vote on the decision and comply with the IRS rules. Making this change may allow your organization to run just a little bit smoother so it can focus on your mission instead of being interrupted with fiscal year end responsibilities in the middle of your program season.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-697925549268077412014-02-17T09:00:00.000-05:002014-02-17T09:00:00.075-05:00Fiscally speaking - When does your year end?It’s February 15th here in our accounting office. We are in the Northeast suffering a bad winter. We've lost power for three days, had three days of lost employee time due to State of Emergency closings, and I just realized as the Treasurer of a local non-profit here in our town…<b><i>our 990 is due today!</i></b><br />
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Frustrated with myself at forgetting this due date I mumbled to myself, "Who picked a fiscal year end of October 31st anyway!"<br />
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It dawned on me perhaps a lesson in fiscal year ends is in order.<br />
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<a name='more'></a><br />
The IRS gives the following definitions of calendar versus fiscal year-end:<br />
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<b>A calendar tax year is 12 consecutive months beginning January 1 and ending December 31.</b><br />
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<b>A fiscal tax year is 12 consecutive months ending on the last day of any month except December. </b><br />
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A review of the IRS database reveals many nonprofit organizations simply choose to have their fiscal year match the calendar year and end on December 31st. But for many this may not be the best decision.<br />
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Your fiscal year end date will determine when you must file your federal 990 and complete your state reporting obligations. The filing deadline for Form 990 is based on the end of your fiscal year; typically it’s the 15th day of the fifth (5th) month after your fiscal year ends. If your nonprofit’s fiscal year is the same as the calendar year, your due date is<b> May 15th</b>. <br />
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<i><a href="http://http%3B//www.treasurersbriefcase.com">Treasurer’s Briefcase </a>recommends the fiscal year should end, whenever possible, just before or during a period of relative inactivity.</i> Your fiscal year end should parallel your organization’s program year. <b>You never want one program year to fall into two fiscal years.</b><br />
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For example, if you are a<b> Football Booster Club</b> you would not want a fiscal year end in the middle of football season; for example <b>October 31st.</b> A youth baseball league would not choose a<b> May</b> year end, and if you’re a non-profit who has significant fundraising activities involving the Christmas holiday you wouldn't want a December year end.<br />
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This is the reason why you find most PTAs and PTOs choose <b>June</b> year ends. Attendance at their fundraisers and other events roughly follow the school year. This leads some non-profits who work with schools to select a fiscal year that ends in the summer in order to close out their books at a relatively slow time of the year.<br />
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Choosing a fiscal year end during a slow period allows the Treasurer to regroup and finalize the organization’s results. It also gives the board time to properly focus on recruiting the new board.<br />
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If upon reading this you realize your year-end is less than ideal, I have good news. <b><i> It can be changed.</i></b> See next week’s blog for instructions on how to accomplish this change...Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-84479647443249347822014-02-10T09:00:00.000-05:002014-02-10T09:00:00.574-05:00What is Accounting?The word <b><i>accounting</i></b> is derived from the root word <i><b>account</b></i> which, according to Merriam Webster's Dictionary can mean <b><i>to furnish a justifying analysis or explanation</i></b>.<br />
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<a href="http://trudytreasurer.blogspot.com/2014/01/trudys-990-traps-to-avoid.html">In a previous post</a> I spoke about the importance of reporting (or <i><b>accounting for</b></i> your organization's activities; specifically explaining the reporting of donations. <a href="http://trudytreasurer.blogspot.com/2014/01/trudys-990-traps-to-avoid.html">In that post</a> we talked about why that task can be a bit confusing to a treasurer with no bookkeeping or accounting experience!<br />
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This week I was asked by a Treasurer to explain how she should be coding her activity so it not only reports donations properly but the other financial activities of her club as well. Reporting this activity correctly to your board, the public and the IRS, is a close second in level of importance to safeguarding the organization’s assets <b><i>AND REPUTATION!</i></b> Here’s my brief refresher on categorizing (coding) your activity.<br />
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Non-profits must report total expenses by type and by function. The functions are broken into three categories: <b>Fundraising</b>, <b>Program Services</b>, and <b>Administrative</b>. Expense types can vary widely and are limited only by the amount of detail you wish to have in your category listing (<b>supplies</b>, <b>postage</b>, <b>insurance</b>, <b>professional fees</b>, <b>rent</b> are just a few examples).<br />
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Requiring charitable organizations to report expenses this way, provides the IRS and donors with information to use in determining if an appropriate amount of expenditures is being directed to activities that further an entity's exempt purpose. The IRS is interested in ensuring that the organization's financial resources are focused on performing its programs. <br />
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When we developed <a href="http://www.treasurersbriefcase.com/">Treasurer’s Briefcase</a> we understood many Treasurers are volunteers who have stepped forward to help their organizations, more often than not, with little if any accounting experience or understanding of the unique world of non-profit accounting. Treasurer's Briefcase helps new treasurers by prepopulating many of the expense and revenue categories most non-profits will need.<br />
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We've created specialized templates for PTOs, PTAs, and other types of booster clubs. These templates contain typical subcategories you might use, mapped into the IRS’ preferred top-level reporting categories. Those top-level categories are listed below with explanations to assist you in recording your activity. Understanding the top-level categories will also allow you to create your own subcategories for your specific needs.</div>
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Program Expenses</h3>
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The Programs categories are the <b><i>direct and indirect cash receipts and disbursements</i></b> related to providing the organization's programs and social services (i.e., the activities forming its basis for exemption from tax). Most often you will be recording cash disbursements to these categories but there will be occasions in which you will also be recording cash receipts. <br />
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For example, if you are a youth baseball league and you run a tournament charging an entry fee this cash receipt would be recorded under the Program Service subcategory Tournaments. A PTA running a Father Daughter Dinner Dance charging a fee for entry to defray the cost of the event is another example. <br />
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Fundraising</h3>
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Fundraising often referred to as <b>Ways and Means</b>, includes fundraising events as well as the sale of goods for fundraising purposes. Fundraising costs include those associated with soliciting others to contribute money or other property, time, or the use of facilities or other property as well as costs incurred to encourage contributions. Examples would be the costs of attending workshops to improve fundraising techniques. <br />
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It is important to only use this category for fundraisers. As a volunteer Treasurer who may not be well versed in nonprofit reporting, the challenge is determining under which of the three categories (program, fundraising, or administrative) an activity belongs. As a rule of thumb first ask,<br />
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<b><span style="font-size: large;"><i>“Is this receipt or expense the reason we exist?” </i></span></b><br />
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If the answer is no, yet it generates cash receipts it is, in all likelihood, a fundraising item.</div>
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Contributions, Gifts and Grants</h3>
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Direct contributions from the public, corporations, government entities or organization members should be recorded under this category.</div>
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Administrative</h3>
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Management and general expenses are not identifiable with a specific program or fundraising activity, but are normally indispensable to the organization's continued existence. Examples would be office supplies or telephone expense.<br />
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Recording your transactions to the proper categories is important for many reasons. In order to properly determine the success of a fund raiser for instance it is crucial to have all checks and receipts properly recorded. Developing an accurate budget is dependent to a large degree on the integrity of your category postings of the previous year.<br />
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Finally as we have highlighted throughout Treasurers Briefcase the IRS and general public, including potential donors or grantors have the right to request and review your filed tax return. Proper category reporting could help you maintain your tax exempt status and be the difference between receiving funding or not.<br />
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See the <a href="http://www.treasurersbriefcase.com/secondary/resources">Treasurers Briefcase Resource Center</a> for some real life examples of activity and how they should be reported. You will find them at the end of the Understanding Categories write up.<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-86254169097283589062014-01-20T09:00:00.000-05:002014-01-20T09:00:07.036-05:00Trudy's 990 Traps to Avoid In my previous blog I discussed the rules requiring charitable organizations to provide receipts to donors, but how many of you know how to report these contributions to the IRS on their 990 series return?<br />
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While not overly complicated, if you aren’t recording your transactions properly you may create more work for yourself and your accountant come 990 time.</div>
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If you engage in fundraising programs, receive contributions of personal property, securities or other assets, or engage in auctions or other special events to raise funds, there is a good chance you are reporting them incorrectly on your 990 or 990EZ.<br />
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So how do you report contributions on your organization's tax return? For purposes of this blog I am referencing form 990EZ as this is the return filed by most small nonprofits.<br />
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Cash Contributions</h3>
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If you receive monetary contributions directly from donors, the rules are relatively simple. You have to report the total you receive on <b>Line 1 of Form 990EZ</b>. Keep in mind however, if you receive more than $5,000 from any one "person" during the year, you may have to file<b> Schedule B with your Form 990EZ</b>. The IRS defines a “person” as an <b>individual</b>, <b>fiduciary</b>, <b>partnership</b>, <b>corporation</b>, <b>association</b>, <b>trust</b>, and<b> other tax-exempt organization</b>.<br />
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Property Contributions</h3>
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Here's where it gets tricky. Small nonprofits often neglect to show the <b>value of property</b> contributed to your club. When someone contributes property to your organization, the rules are basically the same as above. You use the <b>fair market value</b> of the contributed property for purposes of recording the contribution on line 1, and to determine whether the contributor must be listed on<b> Schedule B</b>.<br />
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Special Events and Auctions</h3>
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And here's where carefully recording your transactions in Treasurer's Briefcase will save you headaches. Special events are activities that incidentally accomplish an exempt purpose by providing funds for your organization. They include <b>dinners</b>, <b>dances</b>, <b>raffles</b>, <b>bingo</b> <b>games</b>, and <b>auctions</b>. The IRS asks you to separate these activities between - <b>contributions</b>, <b>gross proceeds</b>, <b>event costs</b> and <b>fundraising expenses</b>. <br />
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In essence you must report the <b>true fair value</b> of the event (dinner) as <b>gross proceeds on Line 6b</b> of form 990EZ. The ticket price <b>in excess of the fair value is a contribution</b> and should be reported on Line 1 and in the parentheses on Line 6b. The actual costs of the event, such as <b>food</b>, <b>decorations</b> and <b>entertainment</b>, are the event expenses which you show on Line 6c. Costs of soliciting ticket sales, such as <b>mailings</b>, are <b>fundraising expenses</b>, also shown on line 6c of 990EZ. Form 990 requires these expenses to be reported separately. <br />
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Auctions present the most confusing reporting dilemma for small nonprofits. The initial contribution of the property is reported at its fair value on Line 1 as a contribution. Later when an auction is held and the property is sold the fair value at the time of the sale is reported on line 6b while the value at the time it was donated is reported on line 6c. For most small nonprofits this will be the same amount, however there may be situations in which the value rises. Often the winner of the auction bids greater than fair value for the item. This excess value must be reported on line 1.<br />
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Luckily your job as Treasurer is to gather the information and report it to your members and Treasurer's Briefcase can make this job much easier. Members can also rely on our tax professionals to help sort out the 990 reporting rules. Knowing the basics of these rules up front should make recording your transactions and filing the tax return much easier for your organization.<br />
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An Example</h3>
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The Groveville Gorillas baseball team hosted a beef and beer to raise funds for their trip to the State tournament. A beef dinner and pitcher of beer at the tavern sells for $20. The club sells 200 tickets to the event at $35 per ticket. The tavern charges $10 per person to the league. <br />
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Scotty Smalls donates his baseball signed by Babe Ruth (<i>The Bambino</i>) to the team for the auction. The fair value of the ball is $350, but it is auctioned for $600.</div>
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Here’s how this information should be reported.</div>
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In Treasurer's Briefcase, you should split the revenue when you record it between the two categories <b>Contributions, Gifts & Grants </b>and <b>Fundraising</b>, apportioning the value above the fair market value as a <b>contribution</b> and the rest as <b>Fundraising</b>.</div>
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If you've followed these rules, at the end of the year your Treasurer's Report will provide all of the information you or your accountant should need to file your 990!</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-38223193085181381772014-01-13T06:00:00.000-05:002014-01-16T04:23:06.615-05:00Tax Deductions for Giving - Keeping Donors HappyIt’s early January and here at our accounting firm and we are moving at warp speed. The IRS has some required deadlines that force us to work seven days a week to help our clients comply. We are busy preparing our W-2s for all of our payroll clients, and 1099’s for our business clients. T<b>hese documents have to be in the mail by January 31st.</b><br />
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Does your small nonprofit have any worries for January?</h3>
Previously we discussed<b> your need to prepare 1099s</b> for those unincorporated businesses that provided services to your organization, and <b>they must be mailed by January 31st.</b> There is another potential requirement for you!<br />
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If you are a 501(c)(3) organization, you probably rely on charitable donations to fulfill your mission. If you haven’t been providing receipts to your donors, you may start getting requests.<br />
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<i>The internal revenue code places the burden of obtaining receipts with the donor, not the charity.</i> Charitable organizations do not incur a penalty for neglecting to deliver a receipt. Yet, without your receipt the donor can be denied a tax deduction. Keeping your donors happy by providing what they need to get their tax deduction can help encourage consistent participation by donors.<br />
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A <b><i><a href="http://www.treasurersbriefcase.com/">Treasurer’s Briefcase</a> best practice</i></b> is to deliver the receipt when you receive the donation or shortly thereafter. Maintain copies as you may get requests in January from donors who have lost their receipts.<br />
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IRS rules do not allow donors to take a charitable deduction for a donation of $250 or more unless contemporaneous written acknowledgement is obtained from the charity. <b><i>Contemporaneous basically means the donor must have the receipt or thank-you letter by the time their tax return is filed.</i></b> In addition, the acknowledgement must say whether the donors received anything in return for the donation.<br />
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You should become familiar with the substantiation requirements to ensure the donors that are so crucial to your mission sustain their charitable contribution deductions.<br />
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IRS Requirement</h3>
According to the IRS, here are some of the key items a proper receipt must include:<br />
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<li>Name of the organization</li>
<li>Amount of cash contribution</li>
<li>Description (but not the value) of noncash contribution</li>
<li>Statement that no goods or services were provided by the organization in return for the contribution, if that was the case</li>
<li>Description and good faith estimate of the value of goods or services, if any, that an organization provided in return for the contribution</li>
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You can find more information in IRS Publications <a href="http://www.irs.gov/pub/irs-pdf/p526.pdf">526</a> and <a href="http://www.irs.gov/pub/irs-pdf/p1771.pdf">1771</a>. Below are some example templates you can you use for providing receipts to your donors.<br />
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Sample Receipts</h3>
<a href="http://www.treasurersbriefcase.com/CashDonation.pdf">Cash Donation</a><br />
<a href="http://www.treasurersbriefcase.com/PropertyDonation.pdf">Property Donation</a><br />
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-53637625185312634242014-01-06T09:00:00.000-05:002014-01-06T09:00:02.869-05:00The 6 Most Important Documents You Need at Your Fingertips<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In the world of public accounting one of our best practices is the client</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b> “Permanent File”.</b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> CPAs often represent clients throughout their business life cycle. The</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b> permanent file</b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> is the place we keep documents we need at our fingertips. Your organization needs access to your important documents as well.</span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Unlike </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><i>business receipts</i></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><i>bank statements</i></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> and even </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><i>tax returns</i></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> that may be shredded after some predetermined statutory time, the </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b>Permanent File</b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> is just that, a permanent location for documents we can not afford to lose...ever!</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Some of my clients have been with me for 30 years. CPAs, if they are fortunate, maintain a relationship with their clients for extended periods of time. The same can’t be said for small nonprofits. </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b>Boards change from year to year.</b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> Specifically Treasurers change from year to year, and in fact </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b>a great safeguard against fraud is to require the Treasurer be replaced at least every two years</b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">.</span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Who will safeguard these important documents? </span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In my volunteering experience I have found most small “all volunteer” nonprofits have a history of losing documents. They are in someone's basement, office, or worse end up in a dumpster. In fact this problem was the seed that started <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase</a>, a cloud based solution for small nonprofits.</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Whether you are using <a href="http://www.treasurersbriefcase.com/">Treasurer’s Briefcase</a> which allows cloud based storage of these documents or a manual system y</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b>ou must gather these documents so they can safely be transferred from treasurer to treasurer</b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">.</span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Here’s my list of the 6 most important documents you should have available at all times.</span></div>
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<i><b><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1. I</span><span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;">RS Determination letter - </span></b></i><span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;">This letter may be needed to provide proof to banks, vendors or the general public of your tax exempt status, and if a 501(c)(3) organization, of your charitable status.</span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><i><b>2. IRS Form CP 575 - </b></i></span><span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;">This is the letter sent by the IRS informing you of the Federal Identification Number (EIN) they have assigned to your organization. This is the number you use when filing your tax returns with the IRS. Additionally banks and vendors will need this number.</span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><i><b>3. Your Group's By-laws</b></i></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> - </span><span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;">You should always keep copies of your current ratified by-laws.</span></div>
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<span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;"><b><i>4. Organizational Group Exemption Letter</i></b> - </span><span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;">If your organization is covered by a Group Exemption this letter should be kept on file. </span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b><i>5. Organizational Certificate of Formation</i></b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> - </span><span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;">If your organization has incorporated, a copy of your states formation document should always be a</span><span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;">vailable. Most banks require this to open an account.</span></div>
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<span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;"><b><i>6. Sales Tax Exemption Certificate</i></b> - If your state allows your nonprofit to purchase goods and service free of sales tax due to your tax-exempt status, this document will routinely be required by vendors.</span></div>
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<span style="font-family: Arial; font-size: 15px; line-height: 1.15; white-space: pre-wrap;">Other Important Documents</span></h3>
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<span style="font-family: Arial; font-size: 15px; vertical-align: baseline; white-space: pre-wrap;"><i><b>Licenses and Permits</b></i></span><span style="font-family: Arial; font-size: 15px; vertical-align: baseline; white-space: pre-wrap;"> - If your nonprofit group has any special licenses they must be safeguarded. Games of chance licenses are a typical example.</span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b><i>Deeds, Titles, Leases, Contracts </i></b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">- all legal documents should be stored for presentation when the need arises. </span></div>
<b style="font-weight: normal;"><br /><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></b>
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<span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Planning ahead now for easy transition of documents can save hours upon hours of unnecessary time and in some cases costs. Start your </span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b>“Permanent File”</b></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> so future treasurers can easily move into their crucial role.</span></div>
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<span style="font-family: Arial; font-size: 15px; vertical-align: baseline; white-space: pre-wrap;"></span>
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<div dir="ltr" style="line-height: 1.15; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: Arial; font-size: 12px; font-style: italic; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">David A. Lauer, CPA is a partner with Lauer & Millen, CPAs in central New Jersey. Their firm caters to small businesses and nonprofits. He is also one of the creators of Treasurer’s Briefcase. </span><a href="http://www.treasurersbriefcase.com/" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-family: Arial; font-size: 12px; font-style: italic; font-variant: normal; font-weight: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">www.treasurersbriefcase.com</span></a><span style="background-color: transparent; color: black; font-family: Arial; font-size: 12px; font-style: italic; font-variant: normal; font-weight: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"></span></div>
Anonymoushttp://www.blogger.com/profile/02807950713478055885noreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-82253400917772112292014-01-02T00:00:00.000-05:002014-01-02T16:18:54.967-05:00Booster Compliance Program...one year later...Hi gang, Trudy here!<br />
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<tr><td style="text-align: center;"><a href="https://www.treasurersbriefcase.com/cloud-img/Steinert_Demo_3_1-16-13-2.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://www.treasurersbriefcase.com/cloud-img/Steinert_Demo_3_1-16-13-2.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i>Dave Lauer presents<br /> Treasurer Briefcase's Booster Compliance Program</i></td></tr>
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It's been about a year since the <b><a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase</a></b> team made our first visit to Steinert High School to help their booster clubs organize their finances. <br />
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Dave and the rest of our team at TBC explained to Steinert's booster clubs how they could easily become legitimate non-profit organizations. We spoke with over a dozen clubs back in December of 2012 and we're excited to tell you what's happened since then.<br />
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Of the 20 some clubs represented at the high school that night, <b>over half are now properly incorporated and registered </b>with both the State of NJ and have a 501(c)(3) designation under a group exemption. Way to go Spartans!<br />
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These clubs now have the tools they need to create fiscal transparency for their members, the Hamilton School Board and the community. As part of the Booster Compliance Program, <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase </a>executed a step by step plan to make sure each club was legal and had the ability to manage their finances using <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase</a>. Here are the services Dave and his staff provided for Steinert's booster clubs:<br />
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<li>Helped them create or modify a compliant club charter</li>
<li>Registered them with the IRS as a 501(c)(3) booster club under a group exemption</li>
<li>Incorporated them with the State of NJ</li>
<li>Registered them with NJ's Division of Consumer Affairs as a charitable organization</li>
<li>Filed and obtained their sales tax exemption certificate</li>
<li>Provided setup and training assistance on Treasurer's Briefcase</li>
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In some cases, Dave's accounting firm <a href="http://www.lauer-millencpa.com/3.htm">Lauer-Millen, CPAs</a> has been engaged to provide assistance on filing the IRS 990 returns. <a href="http://www.treasurersbriefcase.com/">Treasurer's Briefcase</a> will be rolling out a way for clubs and organizations to easily and cost effectively file their 990 returns using Dave's firm. We expect this feature to be available by mid-January 2014. Best of all the cost will be way below what you might expect to pay from your local CPA.</div>
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Since December of last year when we did our first Booster Compliance Seminar, we've presented to two other high schools in central NJ. We are continuing to work with those schools signing up new booster clubs monthly.</div>
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If you know of a high school that would like to have the TBC gang present our program, <b>please contact Dave Lauer at his office in Hamilton, NJ at (609) 586-3600</b> or email him at <a href="mailto:dlauer@lauer-millencpa.com">dlauer@lauer-millencpa.com</a>.</div>
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Anonymoushttp://www.blogger.com/profile/02807950713478055885noreply@blogger.com0tag:blogger.com,1999:blog-8895669066007866452.post-64516563470503604702013-12-24T12:32:00.000-05:002014-01-01T15:40:23.016-05:00Important End of Year Duties!<div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSMX5XU0oeqJxJtpAzbu9yXObQS-UavbnJIrYhE940Yy_Q2_AbdfuCQQpvvehUCho5b2BAUOOvmyyHRJubFVPkpIscMM7jIEz4g3UFqWU7B0sm_imEpuWjOeE5ALO8rWhtvn-LTqzYx04/s1600/trudy-right.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSMX5XU0oeqJxJtpAzbu9yXObQS-UavbnJIrYhE940Yy_Q2_AbdfuCQQpvvehUCho5b2BAUOOvmyyHRJubFVPkpIscMM7jIEz4g3UFqWU7B0sm_imEpuWjOeE5ALO8rWhtvn-LTqzYx04/s200/trudy-right.png" height="200" width="95" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB0GtVqhmCoQOOrqAQwkPhcWPGRWMKCN27FnfuX8mgNA642_7t6KFGxCHimNWBpiqtAstlOEDSKXEPnN2breUAoslPkc0ejO7s6zTJ_q-Cz0DfBoNduMIXzS7hBANWTIwvnzqFo5_VDak/s1600/Screenshot+2013-12-24+at+12.23.33+PM.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB0GtVqhmCoQOOrqAQwkPhcWPGRWMKCN27FnfuX8mgNA642_7t6KFGxCHimNWBpiqtAstlOEDSKXEPnN2breUAoslPkc0ejO7s6zTJ_q-Cz0DfBoNduMIXzS7hBANWTIwvnzqFo5_VDak/s320/Screenshot+2013-12-24+at+12.23.33+PM.png" height="70" width="320" /></a>Even if your fiscal year does not end on December 31st, there are still some things you should be aware of as the year comes to an end to make sure your club stays in compliance.<br />
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<a name='more'></a>While your fiscal year may end in June, you still may have to consider some end of year tasks like filing 1099 reports and state or local filings.<br />
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1099 Filing</h3>
If you have paid any non-incorporated vendors more than $600 in the current <b>calendar year</b> you'll need to issue that vendor a 1099. <b>The IRS deadline for issuing 1099s to qualifying individuals is January 31st, 2014</b>. Failure to file the required 1099 forms may result in severe penalties and embarrassment for your club.<br />
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The IRS site can you give you more details, however here's an excerpt from the<a href="http://www.irs.gov/pub/irs-pdf/i1099msc.pdf"> IRS instructions for filing 1099s</a>.<br />
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<i>File Form 1099-MISC, Miscellaneous Income, for each </i></div>
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<i>person to whom you have paid during the year:</i></div>
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<i>At least<b> $600</b> in rents, <b>services (including parts and </b></i></div>
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<i><b>materials)</b>, <b>prizes</b> and <b>awards</b>, <b>other income payments</b>, </i></div>
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<i>medical and health care payments, crop insurance proceeds, </i></div>
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<i>cash payments for fish (or other aquatic life) you purchase </i></div>
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<i>from anyone engaged in the trade or business of catching </i></div>
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<i>fish, or, generally, the cash paid from a notional principal </i></div>
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<i>contract to an individual, partnership, or estate;</i></div>
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Treasurer's Briefcase has some simple, fast, and easy tools to make the job a breeze! When you record payments in your check register, you can designate contacts as <i style="font-weight: bold;">1099</i> contacts and safefly store their encrypted tax id (social security number) along with their other contact information. </div>
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Be sure to verify their correct address since this is the address you'll want to use when you send the vendor their 1099 form. Once you've entered the expense in your checkbook, and you've checked the <b>1099 vendor</b><br />
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box, you should edit the contact's information and add their address and social security number. Treasurer's Briefcase by default encrypts SSNs in your database and masks all SSNs on reports. Only administrators can see or edit vendor SSNs.<br />
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You can use the<b> Reports</b> menu to produce a 1099 report that you can consult when completing your 1099MISC forms. The 1099 report will detail all 1099 vendors and aggregate their payments, making it easy for you to determine which vendors require that you submit a 1099.</div>
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As a service to TBC members, <a href="http://www.lauer-millencpa.com/">Lauer-Millen, CPAs </a>can help you file the required paperwork and issue the 1099s necessary to your vendors for a special reduced fee. </div>
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State Filings</h3>
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State regulations vary, but some require that you file a return or some kind of statement by year's end with one of their departments or divisions that oversee charitable institutions. Check out our <a href="http://www.treasurersbriefcase.com/secondary/resources/3">state by state guide</a>. If you are in doubt about what your state requires, feel free to contact <a href="http://www.lauer-millencpa.com/">Lauer-Millen, CPAs </a>.<br />
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Other Considerations</h3>
<b>Charitable Receipts</b> - If you have not been giving your donors a charitable receipt acknowledging the value of their tax deductible donation you should do so before January 31st. Review your the activity in your <b>Contributions, Gifts and Grants</b> category to determine those individuals that may require a receipt. You may also want to review your fundraising categories for any potential fundraisers in which donors received partial value from their fundraising donation. An example would be a <b>Silent Auction</b> at which a donor paid more than the fair market value for an item.<br />
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Mid-Year Review</h3>
For some clubs, especially PTAs and PTOs, December 31st marks the half-way point of your term as treasurer. Now is a good time to assess the state of your organization, review your finances and show the board what a great job you've been doing!<br />
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Review your budget, make sure your checkbook has been reconciled and remember to record all outstanding transactions. By cleaning up any issues now, you'll pave the way for a clean audit and transition at the end of your term.</div>
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