CAN's finance and accounting programs are designed to to measurably improve the accuracy, consistency and clarity of financial reporting, thus reducing time and financial costs and improving accountability and public trust in California's nonprofit sector.

Another goal of this program is to promote a dialog and create a community of nonprofit finance professionals so please post questions and comments!

Tuesday, November 04, 2008

Accounting Boot Camp Questions

Below are some questions and answers from recent nonprofit accounting trainings I've led.

  • Is there a minimum dollar threshold for registering our nonprofit's raffle with the state of California?
    No but click here for more.
  • Does the charity report the raffle winners to the state?
    No it does not.
  • Can a nonprofit accept a donation of the use of a donor's timeshare?
    Yes, but the donor will not get a tax deduction for the donation of the use of the time share. See Publication 526, all about contributions to nonprofits.
  • Where can I find more information on the new 990?
    At the IRS website stayexempt.org the have a series of mini-courses on various topics including several on the new 990, walking you through the whole form. They are 20 to 30 minutes each and free.
Contact me if you asked a question and I didn't get to it.

Posted by CAN at 12:22 PM

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1 comment:

Stas said...

I'm actually interested in learning if nonprofit accountants are required to have professional indemnity insurance. I've recently started work for BizCover which provides professional indemnity insurance in Australia. I understand the legislation would be different - but what are your opinions on this matter?

Also, feel free to check out the site at www.bizcover.com.au

11/5/08, 5:15 PM

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