When it comes to revenue, nonprofits need to think like auditors

Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile. In particular, consider: Individual contributions. Compare the donation dollars raised to… Read more »

Holding A Fundraising Auction? Make Sure Your Nonprofit is Tax-Compliant

Auctions have long been lucrative fundraising events for not-for-profits. But these events come with some tax compliance responsibilities. Acknowledging item donations If you auction off merchandise or services donated to your charity, you should provide written acknowledgments to the donors of the auctioned items valued at $250 or more. You won’t incur a penalty for… Read more »

How successfully has your nonprofit shifted from overhead to impact?

In the not-so-distant past, charity watchdog groups such as GuideStar, Charity Navigator and the Better Business Bureau’s Wise Giving Alliance were notorious for giving overhead ratios significant weightings in their rankings of not-for-profits. While such a practice can help potential donors weed out spendthrift organizations, it also tends to unfairly penalize nonprofits making reasonable expenditures… Read more »

Your Contractor’s License: Don’t Leave Home Without It

The notion of starting work on a project without a license may seem unthinkable. But many contractors have run afoul of licensing issues. This article explains how it can happen, including a summary of an actual court case related to construction licensing. Snider v. Dickinson Elks Building, LLC, 907 N.W.2d 397 (ND 2018) The notion… Read more »

Don’t Put Off Creating A Well-Crafted Buy-Sell Agreement

The thought of creating a buy-sell agreement may strike a certain amount of trepidation into the hearts of some contractors. But putting off the creation of a well-crafted buy-sell can put a construction company at risk if unexpected circumstances arise. This article explains the purpose, as well as some of the ins and outs, of… Read more »

Tax planning for investments gets more complicated

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the… Read more »

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many… Read more »

Business interruption insurance can help mitigate disaster

A natural disaster could stop any construction company in its tracks or even put it out of business. For this reason, it’s a good idea for contractors to at least consider business interruption insurance. This article discusses how the coverage works and suggests some good questions to ask when shopping for a policy. Business interruption… Read more »

Securing Your Sedan | Technology Best Practices

Schrodinger’s Backup: “The condition of any backup is unknown until a restore is attempted.” I recently bought a new-to-me (euphemism for ‘used’) car. It is fancy– a term I use loosely given my history of driving pickup trucks or 10+ old cars running on their last few pistons. But this is a 2014 with all… Read more »