Board members have a fiduciary duty as stewards of public trust to act in the best interests of the organization that they serve. They lay aside personal interests to focus on ethical oversight of the organization’s mission accomplishments, results of operations and financial position. Nonprofit board members may monitor support and other funding to ensure that it is used in accordance with the nonprofit’s mission. They are concerned that the ... more
Archives for May 2022
Due for an Audit? Identify Issues Sooner Not Later
Surplus cash calculation and distribution is one of the most interesting parts of the financial statements of affordable housing entities. It determines the amount of residual cash available to make fees, distributions, ground leasing and deferred loan payments. Surplus cash distribution and the calculation itself are important to review during an audit because: Lenders, lessors, sponsors and investors eligible to receive surplus cash ... more
Update Your CTCAC Compliance Forms
The California Tax Credit Allocation Committee (CTCAC) has published updated versions of almost all forms for low-income housing tax credit (LIHTC) compliance. Owners and management agents have through December 31, 2022 to implement use of the new forms. The CTCAC will not accept use of modified or previously approved forms — or modifications or changes to the new forms. Effective January 1, 2023, use of any outdated or modified versions of ... more
6 Ways Giving Back to the Community Can Enhance Your Life
There are many benefits to joining an association. When you work for LvHJ, you are also encouraged to become a member of any number of nonprofit associations to help grow your career which allows you to give back to the community at the same time. Since we are Professionals for Good, we are always looking for opportunities to help make the world a better place. Here is how giving back to the community, especially nonprofit associations in ... more