Maximizing Your Impact: When to Consider Separating Investments into a Separate Foundation
Posted in: Articles
Dear Nonprofit Organizations, We hope this newsletter finds you well and thriving in your mission to create positive change in the world. Today, we would like to delve into an important topic that can significantly impact the sustainability and growth of your organization: separating investments into a new nonprofit foundation. As a nonprofit organization, you’re
IRS Has Extended the Ability to File a Late Portability Election
Posted in: Articles
Filing an IRS Form 706 for portability is an important aspect of estate planning that can have significant consequences for your beneficiaries. Portability refers to the ability to transfer any unused estate tax exemption from a deceased spouse to the surviving spouse. This can be an invaluable tool for married couples looking to maximize the
The Effect of Nonprofit Grading Agencies on Your Organization
Posted in: Articles
Grading agencies for nonprofit organizations have become increasingly important in the world of philanthropy. These organizations provide valuable information to donors, helping them make informed decisions about where to direct their charitable contributions. There are several grading agencies for nonprofit organizations, including Charity Navigator, GuideStar, GiveWell, and BBB Wise Giving Alliance. Each of these organizations
Recent Court Cases May Subject Independent Schools to Title IX Regulations
Posted in: Articles
Two recent court cases, noted below, have ruled that an independent school’s tax-exempt status should be considered federal financial assistance, which would subject these institutions to Title IX regulations. July 21, 2022: the U.S. District Court for the District of Maryland – Buettner-Hartsoe v. Baltimore Lutheran High School Association July 25, 2022: the U.S. District Court
FASB Proposes Major Changes to Not-for-Profit Reporting Rules
Posted in: Annoucements
In its first major rewrite since 1993, the Financial Accounting Standards Board (FASB) is proposing to “refresh” accounting standards geared toward how not-for-profit organizations report their financial information. On Wednesday, the FASB issued an Accounting Standards Update, Presentation of Financial Statements of Not-for-Profit Entities, which contains recommended enhancements to the current financial reporting model for
Qualified Tuition Reduction Programs
Posted in: Articles
Several years ago, AACS published a Legal Report on the subject of “qualified tuition reduction programs,” i.e., tuition discounts. In that Report, we discussed the issue of Christian schools offering tuition discounts to the students of school employees. We concluded that these discounts must be offered as a “fringe benefit” to employees, and they must not be a payment
Non-Profit Bylaws – The Dos and Don’ts
Posted in: Articles
For many nonprofit’s, their bylaws are just some forgotten document, full of legalese, gathering dust in a file cabinet somewhere. No one on the current board of directors knows who prepared them, nor what any of the provisions mean. They certainly are not referring back to them for any reason. For a nonprofit that actively
Section 529 Plans
Posted in: Articles
These state-sponsored qualified tuition programs, offered as prepaid tuition plans or college savings plans, are valuable tools to help finance your child’s college education. Prepaid tuition programs allow you to lock in today’s tuition rates at participating private and public colleges and universities. College savings plans, on the other hand, offer a variety of investment
Identity Theft
Posted in: Articles
Three people from Killeen have been sentenced to prison for using stolen identities to collect more than $490,000 in false tax refunds from the IRS. Albert Powell was handed a punishment of more than four years in prison, while Paris Stephens and Ronnie Cole received sentences of three years and more than a year incarceration,
