By doubling the standard deduction for the 2018 tax year and going forward, the law known as the Tax Cuts and Jobs Act of 2017 may potentially reduce the number of U.S. taxpayers itemizing deductions by 25%. That means no specific deduction for charitable giving except among about 5% of the U.S. population. Nonprofits worry
Over more than 30 years of work with not-for-profits, the team at Lindquist, von Husen & Joyce LLP has looked for new ways to help organizations share their unique story. Often, we help them tell it through their numbers. Numbers are a language, but sometimes they can become a foreign language in financial statements. When
The National Flood Insurance Program (NFIP) is slated to expire at the end of September. Since 2004, it has racked up more than $24 billion in debt — most recently due to 19 major flooding episodes across the country last year. This year’s tragic hurricane season is only more cause for worry among lobbyists and
More and more not-for-profits are joining forces to better serve their clients and cut costs. But such relationships can come with complicated financial reporting obligations. Starting with the simplest For accounting purposes, the simplest relationship between nonprofits may be a collaborative arrangement. These are typically contractual agreements in which two or more organizations are active
For every $100 gained in giving in 2016, $95 was lost through the absence of repeat donors, according to the 2017 Fundraising Effectiveness Survey conducted by the Fundraising Effectiveness Project. Donor retention has hovered around 50 percent for the past decade, but that dropped a bit to 45 percent in 2016, according to the survey
Every not-for-profit organization needs a comprehensive succession plan to ensure smooth leadership transitions. Here are five tips for making a written plan successful: Look within. It’s important to develop employees who can move up the ladder when an executive director or other senior manager leaves. But don’t rule out hiring an outsider. Promoting from within
Itemizing your charitable giving on your tax return has always been a great incentive to give — along with the warm feeling of supporting good causes. However, tax reform proposals by Republican lawmakers and the Trump administration that would increase the standard deduction for individuals and families may take away that incentive. After all, it’s
What do charitable donors want? The classic answer is: Go ask each one individually. However, research provides some insight into donor motivation that can help your not-for-profit grow its financial support. Taxing matters The biennial U.S. Trust® Study of High Net Worth Philanthropy, conducted in partnership with the Indiana University Lilly Family School of Philanthropy,
Interest in not-for-profits’ governance practices from lawmakers, watchdog groups and the general public has been growing in recent years. If your board hasn’t reviewed its roles and responsibilities recently, now is a good time.  3 primary responsibilities Not-for-profit board members — whether compensated or not — have a fiduciary duty to the organization. Some
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