The California Franchise Tax Board (FTB) recently announced several updates affecting nonprofits for 2021. These changes are effective as of January 1, 2021. FTB Form 3500 To apply for or [...]
The IRS’s Tax Exempt & Government Entities Division (TE/GE) recently issued its annual program letter outlining its areas of focus for 2021. The agency also released a new compliance website [...]
2020 was an incredibly challenging year for nonprofit boards distracted by complying with ever-changing state and federal regulations due to COVID-19 while still trying to stay true to their [...]
U.S. Supreme Court Halts NY Order Limiting Attendance for Religious Services; Remands California Case for Further Consideration
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On November 25, 2020, the U.S. Supreme Court issued a preliminary injunction in Roman Catholic Diocese of Brooklyn v. Cuomo to halt a New York State Executive Order that imposed attendance [...]
Endowment funds are a form of investment vehicle used by many types of nonprofit organizations to provide for structure and long-term management of the organization’s financial assets. Managed by [...]
It is not uncommon for a nonprofit to create affiliate organizations in order to expand its reach into new areas, protect critical assets, or engage in activities that may otherwise jeopardize [...]
Like any organization, churches need policies and procedures for handling misconduct by its leaders, employees, and volunteers. Failing to do so can leave a church unaware of serious problems, or [...]
The IRS recently issued Notice 2020-36 that proposes new requirements to qualify for group tax exemptions under Section 501(c) that would supersede Rev. Proc. 80-27. The proposed guidance does [...]
One of the most important assets for a nonprofit organization is an engaged board of directors. However, boards that do not have a clear understanding of their legal duties when it comes to their [...]
Guidance for Nonprofits on Managing Donor-Restricted Endowment Funds During the COVID-19 Pandemic
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In these uncertain times, nonprofits with donor-restricted endowment funds could see a substantial impact on the power of those funds. Below are some tips for managing endowment funds during the [...]