From the The NonProfitTimes - eNewsletter
Some of the examples of what is being done by some nonprofits are just ridiculous, you wonder who filled out their 990's and what were they thinking. It is news like this that makes some people think ALL nonprofit personnel get paid to much.
Here is the latest info on the Monterey Boot Camp to be held on April 18th.
Alan
Click here to go to the Social Security Administration's website to get the latest number.
In the December of 2008 it was adjusted to 5.8%.
Two good book resources. The first I have, the second I have heard good things about.
Sleeter's Book
Ivan's book
Alan
I've posted on this before, but here is a *bump* for the topic as I've had some questions on it lately.
SOP 98-2 covers joint costs, costs that have both a fundraising component and a program component. An example would be sending out an informational mailer about a nonprofit’s program and also including a request for a donation. Is that mailing a program expense or is it fundraising? Some of each?
This article covers how to allocate that expense and the three criteria you have to meet in order to have any of the costs considered program costs. Don’t meet the criteria? It is all fundraising.
Alan
This is from GuideStar's newsletter, a good resource. The IRS is upping its scutiney of nonprofit executive compensdation. Do you know what a rebuttable presumption of reasonableness is? click the link in the headline to find out why it could be important to you.
Alan
Boot Camp Question: Do we have to pay sales tax on auction items?
Yes. The link on the title has some good info and you can also get good tips here from the California State Board of Equalization. Don't be caught in noncompliance!
Alan
More Questions form the boot camps: Is there a $ limit registering your raffle with the state of CA?
All raffles must be registered with the state attroney generals office unless your are not charging or soliciting donations for the tickets. Click on the title link to this post to see all the FAQ's about raffles in CA.
In our ongoing series of Questions From the Boot Camps:
Q:
I was wondering if you would classify Certificates of Deposit as permanently restricted funds or if that is placed in a different category?
A:
CD's are a means of holding the money, like a checking account or a savings account. They are usually for a fixed amount of time, from 30 days on up to years I think. As a vehicle for holding money they would not fall not the category of restricted or unrestricted.
Now the money in the CD is a different story: as an example say you $100,000.00 to do a specific project over two years and you know that you won’t need $60,000.00 of that for the next 12 months. You could take that 60,000.00 and put it into a CD for 12 months and earn a higher rate of interest that it would typically accumulate just sitting in a checking account.
So the CD is not restricted but the money in it might be permanently restricted, unrestricted or temporarily restricted.
I have mentioned the PPC guides (this one and this one especially) as valuable resources for any nonprofit's finance and accounting personnel. Their e-newsletters are also very good and I picked up this tid bit about a replacement SAS (Statement of Accounting Standards) that governs communication between the auditor and "those charged with governance" of the organization. The link in the title will take you too the article, here is an excerpt: SAS No. 114, The Auditor's Communication With Those Charged With Governance, was recently issued by the ASB. The new SAS supersedes SAS No. 61, Communication with Audit Committees, and is effective for audits of financial statements for periods beginning on or after December 15, 2006 (generally, 2007 calendar year-end audits.) The new SAS establishes standards for the matters required to be communicated by the auditor, the form and timing of that communication, and to whom the matters should be communicated. These new standards apply to all entities regardless of size, ownership, or organizational structure.
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